Progress Software Corporation $PRGS Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia decreased its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 8.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 145,813 shares of the software maker’s stock after selling 12,970 shares during the period. Bank of Nova Scotia’s holdings in Progress Software were worth $9,309,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PRGS. Maseco LLP acquired a new position in Progress Software during the second quarter worth $28,000. Quaker Wealth Management LLC boosted its holdings in Progress Software by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker’s stock worth $29,000 after buying an additional 900 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Progress Software during the second quarter worth approximately $41,000. Advisors Asset Management Inc. increased its position in shares of Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Progress Software by 59.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,463 shares of the software maker’s stock valued at $93,000 after purchasing an additional 546 shares during the last quarter.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,474 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.47, for a total transaction of $254,376.78. Following the sale, the chief financial officer directly owned 42,559 shares in the company, valued at $1,977,716.73. This represents a 11.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the transaction, the insider directly owned 668 shares of the company’s stock, valued at $30,901.68. This represents a 68.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 7,311 shares of company stock worth $339,332. 3.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PRGS shares. Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, September 30th. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a report on Monday, October 13th. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Progress Software Trading Up 0.6%

Shares of NASDAQ PRGS opened at $44.60 on Thursday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock has a market capitalization of $1.91 billion, a PE ratio of 40.55, a PEG ratio of 1.95 and a beta of 0.64. Progress Software Corporation has a twelve month low of $39.00 and a twelve month high of $69.88. The stock has a fifty day simple moving average of $43.52 and a 200-day simple moving average of $48.32.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, September 29th. The software maker reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.20. The company had revenue of $249.80 million during the quarter, compared to analysts’ expectations of $240.11 million. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.Progress Software’s revenue for the quarter was up 39.8% on a year-over-year basis. During the same period last year, the business posted $1.26 EPS. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS and its Q4 2025 guidance at 1.290-1.350 EPS. On average, equities analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

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.