Vestcor Inc Sells 2,669 Shares of Progress Software Co. (NASDAQ:PRGS)

Vestcor Inc lowered its stake in Progress Software Co. (NASDAQ:PRGS) by 35.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,857 shares of the software maker’s stock after selling 2,669 shares during the period. Vestcor Inc’s holdings in Progress Software were worth $316,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PRGS. Pacer Advisors Inc. lifted its position in 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 acquiring an additional 1,140,626 shares in the last quarter. Segall Bryant & Hamill LLC boosted its position in shares of Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after buying an additional 251,125 shares during the period. Raymond James Financial Inc. bought a new position in shares of Progress Software during the fourth quarter worth about $15,432,000. Citigroup Inc. raised its position 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 buying an additional 147,457 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its stake in Progress Software by 208.7% in the 4th quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker’s stock valued at $6,959,000 after acquiring an additional 72,218 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Citigroup raised their target price 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. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Guggenheim reiterated a “buy” rating and set a $83.00 target price 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 issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Trading Up 0.2 %

Shares of NASDAQ:PRGS opened at $55.34 on Tuesday. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The company has a market capitalization of $2.40 billion, a P/E ratio of 35.47, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a 50-day simple moving average of $57.63 and a 200 day simple moving average of $62.33. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction dated 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 trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction 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. This represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,482 shares of company stock worth $984,621. Company insiders own 3.40% 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.