Mizuho Markets Americas LLC Sells 243,895 Shares of Progress Software Co. (NASDAQ:PRGS)

Mizuho Markets Americas LLC lessened its holdings in Progress Software Co. (NASDAQ:PRGS) by 27.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 659,895 shares of the software maker’s stock after selling 243,895 shares during the quarter. Progress Software accounts for approximately 0.9% of Mizuho Markets Americas LLC’s holdings, making the stock its 26th biggest holding. Mizuho Markets Americas LLC owned approximately 1.54% of Progress Software worth $44,457,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. boosted its stake in shares of Progress Software by 10.2% in the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares in the last quarter. Blue Trust Inc. lifted its position in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. GAMMA Investing LLC lifted its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Progress Software during the 2nd quarter worth about $27,000. Finally, Exchange Traded Concepts LLC lifted its position in Progress Software by 1.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after buying an additional 559 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRGS. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. DA Davidson upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Oppenheimer upped their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Progress Software has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Stock Performance

Shares of PRGS stock opened at $66.51 on Friday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market cap of $2.85 billion, a PE ratio of 35.57, a price-to-earnings-growth ratio of 8.59 and a beta of 0.92. The stock has a 50-day moving average of $63.91 and a 200-day moving average of $57.24. Progress Software Co. has a one year low of $48.00 and a one year high of $68.95.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period in the prior year, the business earned $0.90 EPS. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Progress Software Co. will post 3.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

About Progress Software

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.