DekaBank Deutsche Girozentrale Decreases Stake in Progress Software Corporation $PRGS

DekaBank Deutsche Girozentrale cut its holdings in Progress Software Corporation (NASDAQ:PRGS) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 478,870 shares of the software maker’s stock after selling 12,614 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Progress Software were worth $30,918,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PRGS. GHP Investment Advisors Inc. boosted its stake in shares of Progress Software by 2.3% in the first quarter. GHP Investment Advisors Inc. now owns 106,989 shares of the software maker’s stock valued at $5,511,000 after buying an additional 2,417 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Progress Software by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock valued at $49,642,000 after buying an additional 125,345 shares in the last quarter. Kendall Capital Management boosted its stake in shares of Progress Software by 9.2% in the first quarter. Kendall Capital Management now owns 21,945 shares of the software maker’s stock valued at $1,130,000 after buying an additional 1,850 shares in the last quarter. Hudson Edge Investment Partners Inc. boosted its stake in shares of Progress Software by 35.7% in the first quarter. Hudson Edge Investment Partners Inc. now owns 17,738 shares of the software maker’s stock valued at $914,000 after buying an additional 4,670 shares in the last quarter. Finally, Rehmann Capital Advisory Group boosted its stake in shares of Progress Software by 54.0% in the first quarter. Rehmann Capital Advisory Group now owns 11,670 shares of the software maker’s stock valued at $601,000 after buying an additional 4,093 shares in the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of research analyst reports. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Monday, October 13th. Wedbush reiterated an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Progress Software in a research report on Wednesday, October 8th. Jefferies Financial Group decreased their target price on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, September 30th. Finally, Guggenheim reiterated a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Insider Transactions at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.26, for a total value of $66,059.28. Following the completion of the transaction, the insider directly owned 668 shares of the company’s stock, valued at $30,901.68. The trade was a 68.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 5,474 shares of the business’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the transaction, the chief financial officer directly owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. This trade represents a 11.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,311 shares of company stock valued at $339,332 over the last three months. 3.40% of the stock is currently owned by insiders.

Progress Software Stock Performance

NASDAQ PRGS opened at $45.67 on Thursday. Progress Software Corporation has a fifty-two week low of $40.29 and a fifty-two week high of $70.56. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 41.52, a price-to-earnings-growth ratio of 2.12 and a beta of 0.67. The business has a fifty day moving average of $44.49 and a 200-day moving average of $52.52. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22.

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.