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

Mizuho Markets Americas LLC lowered its stake in Progress Software Co. (NASDAQ:PRGS) by 27.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 659,895 shares of the software maker’s stock after selling 243,895 shares during the period. Progress Software makes up 0.9% of Mizuho Markets Americas LLC’s holdings, making the stock its 26th biggest holding. Mizuho Markets Americas LLC’s holdings in Progress Software were worth $44,457,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of PRGS. Canada Pension Plan Investment Board bought a new position in shares of Progress Software in the second quarter worth $27,000. GAMMA Investing LLC increased its position in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the period. Blue Trust Inc. increased its position in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the period. EntryPoint Capital LLC increased its position in shares of Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Progress Software in the second quarter worth $160,000.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business’s 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 sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Stock Performance

Shares of PRGS stock opened at $66.51 on Friday. The business’s 50-day moving average price is $63.91 and its 200-day moving average price is $57.24. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $68.95. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 35.57, a PEG ratio of 8.59 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

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

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.