Progress Software Co. (NASDAQ:PRGS) Insider Ian Pitt Sells 1,482 Shares

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $57.33 on Wednesday. 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 has a market cap of $2.49 billion, a PE ratio of 36.75, a P/E/G ratio of 2.86 and a beta of 0.93. The business has a 50-day simple moving average of $64.06 and a two-hundred day simple moving average of $62.49.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Los Angeles Capital Management LLC lifted its holdings in shares of Progress Software by 967.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 35,709 shares of the software maker’s stock valued at $2,326,000 after buying an additional 32,364 shares during the period. Olympiad Research LP purchased a new position in Progress Software during the fourth quarter valued at approximately $230,000. Hudson Edge Investment Partners Inc. lifted its holdings in Progress Software by 4.8% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker’s stock valued at $851,000 after acquiring an additional 600 shares during the period. Handelsbanken Fonder AB boosted its position in Progress Software by 28.2% in the 4th quarter. Handelsbanken Fonder AB now owns 11,816 shares of the software maker’s stock worth $770,000 after purchasing an additional 2,600 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in shares of Progress Software by 5.0% during the 4th quarter. New York State Teachers Retirement System now owns 80,750 shares of the software maker’s stock valued at $5,261,000 after purchasing an additional 3,836 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PRGS shares. DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Oppenheimer upped their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group raised their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Finally, Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.