Avantax Advisory Services Inc. Boosts Stock Position in Progress Software Co. (NASDAQ:PRGS)

Avantax Advisory Services Inc. grew its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 5.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,211 shares of the software maker’s stock after buying an additional 317 shares during the period. Avantax Advisory Services Inc.’s holdings in Progress Software were worth $405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Smartleaf Asset Management LLC lifted its stake in Progress Software by 893.5% during 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 raised its holdings in Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after buying an additional 301 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after buying an additional 394 shares in the last quarter. Finally, KBC Group NV grew its position in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after buying an additional 719 shares during the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the subject of several research analyst reports. Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Guggenheim restated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Citigroup raised their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Price Performance

Progress Software stock opened at $54.43 on Monday. The business has a 50 day simple moving average of $56.97 and a 200-day simple moving average of $62.24. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $2.36 billion, a PE ratio of 34.89, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the transaction, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. 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 that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is owned by insiders.

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.