Hillsdale Investment Management Inc. Makes New $3.93 Million Investment in Progress Software Co. (NASDAQ:PRGS)

Hillsdale Investment Management Inc. bought a new stake in shares of Progress Software Co. (NASDAQ:PRGS) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 60,350 shares of the software maker’s stock, valued at approximately $3,932,000. Hillsdale Investment Management Inc. owned about 0.14% of Progress Software as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its stake in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after buying an additional 688 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares during the last quarter. Blue Trust Inc. boosted its stake in Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after purchasing an additional 394 shares in the last quarter. Finally, KBC Group NV grew its position in Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. StockNews.com lowered shares of 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 report on Friday, January 17th. Jefferies Financial Group lifted 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. Finally, Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Stock Performance

Shares of PRGS opened at $54.43 on Friday. The firm has a market capitalization of $2.36 billion, a P/E ratio of 34.89, a PEG ratio of 2.82 and a beta of 0.88. 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 one year low of $48.00 and a one year high of $70.56. The business has a fifty day moving average of $56.97 and a 200 day moving average of $62.21.

Insiders Place Their Bets

In related news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 15,000 shares of the company’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 transaction of $844,500.00. Following the sale, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,482 shares of company stock valued at $984,621. Insiders own 3.40% of the company’s stock.

Progress Software 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.