UniSuper Management Pty Ltd Decreases Stake in Progress Software Co. (NASDAQ:PRGS)

UniSuper Management Pty Ltd lessened its holdings in Progress Software Co. (NASDAQ:PRGS) by 11.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,900 shares of the software maker’s stock after selling 13,300 shares during the period. UniSuper Management Pty Ltd owned approximately 0.24% of Progress Software worth $6,834,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Smartleaf Asset Management LLC boosted its position in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Progress Software by 55.4% in the 4th 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. TD Private Client Wealth LLC grew its position in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares during the period. Blue Trust Inc. increased its holdings in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares during the last quarter. Finally, KBC Group NV raised its position in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after acquiring an additional 719 shares during the period.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the sale, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Guggenheim reissued a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.00.

Progress Software Stock Performance

Shares of PRGS opened at $53.52 on Friday. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The stock’s 50-day simple moving average is $56.29 and its 200 day simple moving average is $62.09. 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 capitalization of $2.32 billion, a price-to-earnings ratio of 34.31, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88.

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.