Teacher Retirement System of Texas Increases Holdings in Progress Software Co. (NASDAQ:PRGS)

Teacher Retirement System of Texas lifted its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 108.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,267 shares of the software maker’s stock after purchasing an additional 24,639 shares during the period. Teacher Retirement System of Texas owned about 0.11% of Progress Software worth $3,079,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRGS. Pacer Advisors Inc. boosted its stake in Progress Software by 45,918.9% in the fourth 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 during the last quarter. Principal Financial Group Inc. raised 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 worth $70,418,000 after purchasing an additional 43,936 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Progress Software by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock valued at $32,267,000 after purchasing an additional 17,448 shares during the last quarter. Cerity Partners LLC bought a new position in Progress Software during the third quarter valued at $575,000. Finally, GAMMA Investing LLC increased its position in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares during the last quarter.

Progress Software Stock Performance

Progress Software stock opened at $55.16 on Wednesday. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market capitalization of $2.39 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The firm’s 50 day simple moving average is $56.68 and its 200 day simple moving average is $62.21.

Analysts Set New Price Targets

A number of research analysts have recently commented on PRGS shares. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. Citigroup upped their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Jefferies Financial Group lifted 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. DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was 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 $430,895.80. This represents a 16.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by company insiders.

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.