AlphaQuest LLC Buys 4,793 Shares of Progress Software Co. (NASDAQ:PRGS)

AlphaQuest LLC grew its stake in Progress Software Co. (NASDAQ:PRGS) by 179.5% in the 4th quarter, Holdings Channel reports. The firm owned 7,463 shares of the software maker’s stock after purchasing an additional 4,793 shares during the period. AlphaQuest LLC’s holdings in Progress Software were worth $486,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its position 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 worth $74,474,000 after buying an additional 1,140,626 shares during the period. Principal Financial Group Inc. grew its stake in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after acquiring an additional 43,936 shares during the period. Seizert Capital Partners LLC grew its stake in shares of Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares during the period. Segall Bryant & Hamill LLC grew its stake in shares of Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares during the period. Finally, Systematic Financial Management LP grew its stake 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 acquiring an additional 51,568 shares during the period.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $54.57 on Thursday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a market capitalization of $2.37 billion, a P/E ratio of 34.98, a P/E/G ratio of 2.82 and a beta of 0.88. The firm’s 50 day simple moving average is $58.25 and its two-hundred day simple moving average is $62.37.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PRGS shares. Jefferies Financial Group raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Guggenheim reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $72.43.

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.