QRG Capital Management Inc. Reduces Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

QRG Capital Management Inc. lessened its stake in Progress Software Co. (NASDAQ:PRGS) by 3.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,420 shares of the software maker’s stock after selling 377 shares during the quarter. QRG Capital Management Inc.’s holdings in Progress Software were worth $679,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Assetmark Inc. grew its stake in shares of Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after acquiring an additional 286 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 shares during the last quarter. Blue Trust Inc. grew its stake in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after purchasing an additional 523 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its position in shares of Progress Software by 2.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock valued at $1,439,000 after purchasing an additional 583 shares in the last quarter.

Wall Street Analysts Forecast Growth

PRGS has been the subject of a number of recent analyst reports. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. 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. Citigroup upped their target price 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. DA Davidson reiterated a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. 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 equities research 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, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Insider Buying and Selling at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the company’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 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 sold a total of 17,482 shares of company stock worth $984,621 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $54.98 on Wednesday. The company has a market cap of $2.38 billion, a PE ratio of 35.24, a P/E/G ratio of 2.82 and a beta of 0.93. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The firm has a 50-day simple moving average of $59.42 and a 200 day simple moving average of $62.46. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

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.