GAMMA Investing LLC Grows Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

GAMMA Investing LLC boosted its position in Progress Software Co. (NASDAQ:PRGS) by 55.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,736 shares of the software maker’s stock after acquiring an additional 619 shares during the period. GAMMA Investing LLC’s holdings in Progress Software were worth $113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRGS. Leuthold Group LLC grew its stake in Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after acquiring an additional 371,026 shares during the period. Segall Bryant & Hamill LLC grew its stake in Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares during the period. Marshall Wace LLP grew its stake in Progress Software by 530.5% in the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after acquiring an additional 221,336 shares during the period. Citigroup Inc. grew its stake in shares of Progress Software by 42.8% during the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after buying an additional 147,457 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Progress Software by 11.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after buying an additional 99,479 shares during the period.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Progress Software Stock Performance

NASDAQ:PRGS opened at $62.20 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 33.26, a PEG ratio of 7.35 and a beta of 0.93. The firm’s fifty day simple moving average is $67.03 and its 200 day simple moving average is $61.78. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56.

Analysts Set New Price Targets

Several analysts have recently issued reports on PRGS shares. Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group boosted 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 raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Progress Software presently has an average rating of “Buy” and an average price target of $70.17.

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.