Harvest Fund Management Co. Ltd Invests $448,000 in Progress Software Co. (NASDAQ:PRGS)

Harvest Fund Management Co. Ltd acquired a new position in Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 6,891 shares of the software maker’s stock, valued at approximately $448,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRGS. Atria Investments Inc grew its position in shares of Progress Software by 12.6% in the 3rd quarter. Atria Investments Inc now owns 5,920 shares of the software maker’s stock worth $399,000 after buying an additional 663 shares during the last quarter. Victory Capital Management Inc. grew its position in Progress Software by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after purchasing an additional 42,773 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Progress Software during the 3rd quarter worth approximately $932,000. Integrated Investment Consultants LLC purchased a new stake in Progress Software during the 3rd quarter worth approximately $474,000. Finally, Charles Schwab Investment Management Inc. grew its position in Progress Software by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock worth $32,267,000 after purchasing an additional 17,448 shares during the last quarter.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,482 shares of company stock worth $984,621. Company insiders own 3.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PRGS shares. DA Davidson reissued a “buy” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Jefferies Financial Group boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Stock Performance

PRGS opened at $54.43 on Friday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a fifty day moving average price of $56.97 and a 200 day moving average price of $62.19. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The stock has a market cap of $2.36 billion, a P/E ratio of 34.89, a P/E/G ratio of 2.82 and a beta of 0.88.

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.