State of Alaska Department of Revenue Has $1.24 Million Holdings in Progress Software Corporation (NASDAQ:PRGS)

State of Alaska Department of Revenue cut its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 1.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 24,031 shares of the software maker’s stock after selling 339 shares during the quarter. State of Alaska Department of Revenue’s holdings in Progress Software were worth $1,237,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PRGS. Mountain Pacific Investment Advisers LLC bought a new position in Progress Software during the first quarter worth $7,037,000. QRG Capital Management Inc. boosted its stake in Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after acquiring an additional 187 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Progress Software by 5.4% during the first quarter. Exchange Traded Concepts LLC now owns 32,499 shares of the software maker’s stock worth $1,674,000 after acquiring an additional 1,679 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Progress Software by 19.7% during the first quarter. Harbor Capital Advisors Inc. now owns 10,286 shares of the software maker’s stock worth $530,000 after acquiring an additional 1,692 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Progress Software by 1.8% during the first quarter. Rhumbline Advisers now owns 121,063 shares of the software maker’s stock worth $6,236,000 after acquiring an additional 2,193 shares in the last quarter.

Progress Software Stock Down 1.5%

Shares of NASDAQ PRGS opened at $63.57 on Thursday. The stock has a market capitalization of $2.74 billion, a P/E ratio of 49.28, a P/E/G ratio of 3.09 and a beta of 0.67. The company has a 50-day moving average price of $61.50 and a 200-day moving average price of $59.97. Progress Software Corporation has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 3.47, a current ratio of 0.79 and a quick ratio of 0.79.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 7.03% and a return on equity of 42.64%. The firm had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. During the same period last year, the company earned $1.25 earnings per share. The business’s revenue was up 28.9% on a year-over-year basis. On average, equities research analysts forecast that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 703 shares of the firm’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares of the company’s stock, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PRGS shares. Guggenheim reissued a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson reduced their price objective on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Wedbush reiterated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average target price of $74.33.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.