EMC Capital Management Grows Stock Position in Progress Software Co. (NASDAQ:PRGS)

EMC Capital Management grew its stake in Progress Software Co. (NASDAQ:PRGS) by 43.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,822 shares of the software maker’s stock after buying an additional 1,164 shares during the quarter. EMC Capital Management’s holdings in Progress Software were worth $249,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. increased its stake 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 purchasing an additional 1,140,626 shares in the last quarter. Leuthold Group LLC increased its position in shares of Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after buying an additional 371,026 shares in the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after buying an additional 251,125 shares in the last quarter. Citigroup Inc. grew its stake in Progress Software by 42.8% in the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after acquiring an additional 147,457 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after acquiring an additional 99,479 shares in the last quarter.

Progress Software Stock Performance

Shares of Progress Software stock opened at $57.00 on Friday. The firm has a market cap of $2.47 billion, a PE ratio of 36.54, a price-to-earnings-growth ratio of 2.81 and a beta of 0.93. 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 52 week low of $48.00 and a 52 week high of $70.56. The business’s fifty day simple moving average is $64.81 and its 200-day simple moving average is $62.38.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PRGS. Jefferies Financial Group lifted their target price 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. Citigroup boosted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. 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. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and a consensus target price of $72.43.

About Progress Software

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.