Victory Capital Management Inc. Raises Stake in Progress Software Co. (NASDAQ:PRGS)

Victory Capital Management Inc. increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 34.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 150,439 shares of the software maker’s stock after purchasing an additional 38,799 shares during the period. Victory Capital Management Inc. owned 0.35% of Progress Software worth $9,801,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRGS. Smartleaf Asset Management LLC lifted its holdings in shares of 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 buying an additional 688 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Progress Software by 55.4% in 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 in the last quarter. TD Private Client Wealth LLC raised its position in shares of Progress Software by 19.3% in the third 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 in the last quarter. Blue Trust Inc. raised its position in shares of Progress Software by 23.2% in 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 in the last quarter. Finally, KBC Group NV raised its position in shares of 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 buying an additional 719 shares in the last quarter.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 in the last ninety days. Company insiders own 3.30% of the company’s stock.

Progress Software Trading Down 1.6 %

PRGS stock opened at $53.69 on Friday. The company has a market capitalization of $2.33 billion, a PE ratio of 34.42, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company’s 50 day moving average price is $58.25 and its two-hundred day moving average price is $62.37. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Jefferies Financial Group raised their target price 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. DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

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.