Sawgrass Asset Management LLC Has $259,000 Stock Position in Progress Software Co. (NASDAQ:PRGS)

Sawgrass Asset Management LLC lessened its stake in Progress Software Co. (NASDAQ:PRGS) by 12.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,980 shares of the software maker’s stock after selling 561 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Progress Software were worth $259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PRGS. Pacer Advisors Inc. raised its position 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 valued at $74,474,000 after buying an additional 1,140,626 shares in the last quarter. Victory Capital Management Inc. increased its stake in Progress Software by 62.1% in the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock valued at $7,521,000 after acquiring an additional 42,773 shares during the last quarter. Segall Bryant & Hamill LLC raised its position in Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after purchasing an additional 251,125 shares in the last quarter. Seizert Capital Partners LLC lifted its stake in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after purchasing an additional 20,355 shares during the last quarter. Finally, Leuthold Group LLC boosted its holdings in shares of Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after purchasing an additional 371,026 shares in the last quarter.

Progress Software Stock Up 1.4 %

NASDAQ:PRGS opened at $57.91 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. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The firm’s 50 day simple moving average is $62.53 and its 200 day simple moving average is $62.45. The company has a market cap of $2.51 billion, a PE ratio of 37.12, a P/E/G ratio of 2.85 and a beta of 0.93.

Wall Street Analyst Weigh In

PRGS has been the subject of several recent analyst reports. Oppenheimer upped their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Citigroup increased their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock 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 research note on Thursday, January 23rd. Guggenheim reiterated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Finally, DA Davidson restated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.43.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was 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 $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,482 shares of company stock worth $984,621. Company insiders own 3.40% of the company’s stock.

Progress Software 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.