95,700 Shares in Progress Software Co. (NASDAQ:PRGS) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 95,700 shares of the software maker’s stock, valued at approximately $6,235,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in shares of Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Progress Software in the fourth quarter valued at $15,432,000. Citigroup Inc. lifted its position in shares of Progress Software by 42.8% during the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after buying an additional 147,457 shares during the last quarter. Edgestream Partners L.P. grew its stake in shares of Progress Software by 208.7% during the 4th quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker’s stock worth $6,959,000 after acquiring an additional 72,218 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new stake in Progress Software in the 4th quarter worth about $3,932,000.

Analyst Ratings Changes

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

Progress Software Trading Up 0.3 %

Shares of PRGS stock opened at $55.16 on Wednesday. The company has a market capitalization of $2.39 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The business’s fifty day moving average is $56.68 and its 200 day moving average is $62.21. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Insiders Place Their Bets

In related news, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at approximately $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred 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 sale, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 in the last ninety days. 3.40% of the stock is currently owned by insiders.

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.