Great Lakes Advisors LLC Raises Stock Position in Progress Software Co. (NASDAQ:PRGS)

Great Lakes Advisors LLC raised its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 31.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,681 shares of the software maker’s stock after buying an additional 1,606 shares during the period. Great Lakes Advisors LLC’s holdings in Progress Software were worth $435,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Pacer Advisors Inc. increased its position in 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 valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the period. Seizert Capital Partners LLC increased its position in shares of Progress Software by 3.3% during the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of 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. Finally, Systematic Financial Management LP boosted its holdings in shares of Progress Software by 10.5% in the third quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker’s stock worth $36,677,000 after buying an additional 51,568 shares during the last quarter.

Analyst Upgrades and Downgrades

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

Progress Software Trading Up 2.9 %

Shares of PRGS opened at $55.23 on Monday. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. 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 company’s fifty day moving average is $57.83 and its 200 day moving average is $62.35. The stock has a market capitalization of $2.40 billion, a PE ratio of 35.40, a P/E/G ratio of 2.82 and a beta of 0.88.

Insider Activity

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the company’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 transaction of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Anthony Folger sold 15,000 shares of the business’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 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 disclosure for this sale can be found here. In the last three months, insiders have sold 17,482 shares of company stock worth $984,621. 3.30% of the stock is currently owned by corporate 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.