Kendall Capital Management Raises Holdings in Progress Software Co. (NASDAQ:PRGS)

Kendall Capital Management increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 37.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,095 shares of the software maker’s stock after purchasing an additional 5,480 shares during the quarter. Kendall Capital Management’s holdings in Progress Software were worth $1,309,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in shares of Progress Software by 6.6% in the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after buying an additional 204 shares during the last quarter. TD Private Client Wealth LLC raised its position in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 shares during the period. Blue Trust Inc. raised its position in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Progress Software by 6.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock valued at $560,000 after buying an additional 523 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in Progress Software by 2.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock worth $1,439,000 after purchasing an additional 583 shares in the last quarter.

Insider Buying and Selling

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The shares were 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 in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were 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 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 three months, insiders sold 17,482 shares of company stock worth $984,621. Corporate insiders own 3.40% of the company’s stock.

Progress Software Trading Up 2.9 %

NASDAQ PRGS opened at $57.23 on Friday. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.82 and a beta of 0.88. The firm’s 50 day moving average price is $58.84 and its two-hundred day moving average price is $62.41.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Citigroup boosted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. DA Davidson reissued a “buy” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. Finally, StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average 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.