Illinois Municipal Retirement Fund Has $1.46 Million Stake in Progress Software Co. (NASDAQ:PRGS)

Illinois Municipal Retirement Fund decreased its position in Progress Software Co. (NASDAQ:PRGS) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,338 shares of the software maker’s stock after selling 359 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.05% of Progress Software worth $1,455,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC grew its position in Progress Software by 967.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 35,709 shares of the software maker’s stock worth $2,326,000 after buying an additional 32,364 shares in the last quarter. Olympiad Research LP acquired a new stake in Progress Software during the fourth quarter worth approximately $230,000. Hudson Edge Investment Partners Inc. grew its position in Progress Software by 4.8% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker’s stock worth $851,000 after buying an additional 600 shares in the last quarter. Handelsbanken Fonder AB grew its position in Progress Software by 28.2% during the fourth quarter. Handelsbanken Fonder AB now owns 11,816 shares of the software maker’s stock worth $770,000 after buying an additional 2,600 shares in the last quarter. Finally, New York State Teachers Retirement System grew its position in Progress Software by 5.0% during the fourth quarter. New York State Teachers Retirement System now owns 80,750 shares of the software maker’s stock worth $5,261,000 after buying an additional 3,836 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRGS. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Finally, Citigroup raised their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Stock Up 0.6 %

Shares of PRGS opened at $54.64 on Friday. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 35.03, a PEG ratio of 2.82 and a beta of 0.93. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $59.88 and a 200-day moving average of $62.44.

Insider Activity

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

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.