Manufacturers Life Reduces Stake in Progress Software Co.

The Manufacturers Life Insurance Company has decreased its holdings in Progress Software Co. (NASDAQ:PRGS) by 8.0% during the third quarter, according to their recent filing with the Securities and Exchange Commission. After selling 42,497 shares, the fund now owns 490,002 shares of this software company. At the end of the latest quarter, their stake represented 1.14% of Progress Software, valued at approximately $33,011,000.

In addition, several other institutional investors have recently adjusted their positions in PRGS. The Canada Pension Plan Investment Board acquired a new stake in Progress Software in the second quarter, estimated at around $27,000. Meanwhile, GAMMA Investing LLC increased its holdings in Progress Software by 76.7% in the third quarter and now controls 1,117 shares valued at $75,000 after acquiring an additional 485 shares.

Another investor, Blue Trust Inc., raised its investment in Progress Software by 29.2% during the second quarter. They now hold 1,640 shares, worth $87,000 post-acquisition. Quest Partners LLC added a new stake during the same period worth $160,000, while Prudent Man Advisors LLC bought another stake valued at $201,000 in the third quarter.

Insider Transactions

In related news, on October 16, CFO Anthony Folger sold 7,797 shares at an average price of $67.39, totaling about $525,439.83. Following this transaction, Folger's remaining shares are valued at approximately $2,276,029.86, reflecting an 18.76% reduction in ownership. This sale was detailed in a filing with the Securities & Exchange Commission.

Additionally, on October 23, insider Ian Pitt sold 1,747 shares again at an average price of $65.07, amounting to $113,677.29. After this sale, Pitt holds 3,167 shares, worth about $206,076.69, indicating a 35.55% decrease in his stake. Company insiders now hold 3.40% of the stock.

Analyst Ratings and Forecasts

Several analysts have shared their views on PRGS. Oppenheimer raised its price target from $70.00 to $80.00, recommending an "outperform" rating on October 22. DA Davidson also increased its target from $65.00 to $70.00, maintaining a "buy" rating in a note dated September 25. Wedbush reaffirmed an "outperform" rating while setting a price target of $68.00 on September 10.

Moreover, StockNews.com upgraded their rating from "buy" to "strong-buy" as of October 30. Guggenheim adjusted its price forecast from $64.00 to $70.00 around the same date, endorsing a "buy" rating. Currently, one analyst rates the stock as a hold, five as buys, and one as a strong buy, with an average rating of "Buy" and a consensus price target of $67.67, according to MarketBeat.

Progress Software Performance

As of Friday, shares of PRGS opened at $68.41. The stock has fluctuated between a fifty-two week low of $48.00 and a high of $70.56. The company holds a market cap of $2.94 billion, a P/E ratio of 36.58, and a price-to-earnings growth ratio of 8.52. The debt-to-equity ratio stands at 1.87, with both the current ratio and quick ratio at 1.23.

On September 24, Progress Software announced its quarterly earnings, reporting an EPS of $1.26, exceeding the consensus estimate of $1.14. The company generated revenues of $178.69 million, surpassing expectations set at $176.16 million. With a net margin of 11.55% and a return on equity of 38.69%, revenues grew by 1.7% compared to the prior year. Analysts predict an EPS of 3.96 for the current fiscal year.

About Progress Software

Progress Software Corporation focuses on developing, deploying, and managing business applications globally. Its core offerings include OpenEdge for app development, Chef for automation, and Kemp LoadMaster for application delivery solutions.

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