HighTower Advisors LLC Grows Position in Progress Software Co. (NASDAQ:PRGS)

HighTower Advisors LLC raised its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 24.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 13,249 shares of the software maker’s stock after purchasing an additional 2,631 shares during the period. HighTower Advisors LLC’s holdings in Progress Software were worth $863,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its stake in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC lifted 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 buying an additional 619 shares during the period. TD Private Client Wealth LLC boosted its position in 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 valued at $126,000 after acquiring an additional 301 shares in the last quarter. Blue Trust Inc. increased 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 acquiring an additional 394 shares during the period. Finally, KBC Group NV raised 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 worth $152,000 after acquiring an additional 719 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Jefferies Financial Group lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report 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 report on Tuesday, January 21st. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, Guggenheim reiterated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average price target of $74.00.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is owned by company insiders.

Progress Software Trading Down 1.3 %

NASDAQ:PRGS opened at $53.52 on Friday. 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 fifty day simple moving average of $56.29 and a 200-day simple moving average of $62.09. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a market capitalization of $2.32 billion, a P/E ratio of 34.31, a PEG ratio of 2.82 and a beta of 0.88.

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.