Los Angeles Capital Management LLC Has $2.33 Million Stock Position in Progress Software Co. (NASDAQ:PRGS)

Los Angeles Capital Management LLC boosted its stake in Progress Software Co. (NASDAQ:PRGS) by 967.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,709 shares of the software maker’s stock after purchasing an additional 32,364 shares during the quarter. Los Angeles Capital Management LLC owned about 0.08% of Progress Software worth $2,326,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. increased its holdings 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 buying an additional 1,140,626 shares during the period. Segall Bryant & Hamill LLC increased its stake in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after acquiring an additional 251,125 shares during the last quarter. Citigroup Inc. raised its position in Progress Software by 42.8% during the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after purchasing an additional 147,457 shares in the last quarter. Systematic Financial Management LP lifted its stake in Progress Software by 10.5% during the third quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker’s stock worth $36,677,000 after purchasing an additional 51,568 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares in the last quarter.

Insider Buying and Selling

In other news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock valued at $984,621 in the last three months. Insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Citigroup increased their target price 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. DA Davidson reaffirmed a “buy” rating and set a $75.00 price target on shares of Progress Software in a report 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. Finally, Jefferies Financial Group boosted their target price 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. 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, Progress Software presently has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Price Performance

PRGS stock opened at $54.31 on Friday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. 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 $2.36 billion, a P/E ratio of 34.81, a PEG ratio of 2.82 and a beta of 0.93. The company has a fifty day moving average price of $60.11 and a 200-day moving average price of $62.41.

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.