Diamond Hill Capital Management Inc. Lowers Stake in Progress Software Co. (NASDAQ:PRGS)

Diamond Hill Capital Management Inc. cut its stake in Progress Software Co. (NASDAQ:PRGS) by 19.3% in the 4th quarter, Holdings Channel reports. The fund owned 250,472 shares of the software maker’s stock after selling 59,976 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Progress Software were worth $16,318,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after acquiring an additional 1,140,626 shares in the last quarter. Segall Bryant & Hamill LLC raised its position in Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares during the period. Raymond James Financial Inc. bought a new stake in Progress Software in the fourth quarter worth $15,432,000. Citigroup Inc. boosted its position in Progress Software by 42.8% during the third 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 period. Finally, Edgestream Partners L.P. grew its stake in shares of Progress Software by 208.7% during the fourth quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker’s stock valued at $6,959,000 after buying an additional 72,218 shares during the last quarter.

Progress Software Stock Performance

NASDAQ:PRGS opened at $55.23 on Friday. 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 Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a market cap of $2.40 billion, a P/E ratio of 35.40, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The firm’s fifty day simple moving average is $57.83 and its 200 day simple moving average is $62.29.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, 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 value of $844,500.00. Following the sale, the chief financial officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,482 shares of company stock valued at $984,621. Corporate insiders own 3.30% 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.