Legato Capital Management LLC Decreases Holdings in Progress Software Co. (NASDAQ:PRGS)

Legato Capital Management LLC lowered its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 23.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,436 shares of the software maker's stock after selling 8,215 shares during the period. Legato Capital Management LLC owned approximately 0.06% of Progress Software worth $1,722,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PRGS. GAMMA Investing LLC grew its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock worth $75,000 after purchasing an additional 485 shares during the last quarter. TD Private Client Wealth LLC grew 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 worth $126,000 after purchasing an additional 301 shares during the last quarter. Blue Trust Inc. grew its position in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after purchasing an additional 394 shares during the last quarter. KBC Group NV grew its position in Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker's stock worth $152,000 after purchasing an additional 719 shares during the last quarter. Finally, Prudent Man Advisors LLC purchased a new stake in Progress Software during the 3rd quarter worth approximately $201,000.

Progress Software Stock Performance

Shares of PRGS traded down $0.59 during trading hours on Friday, hitting $57.32. The stock had a trading volume of 900,359 shares, compared to its average volume of 901,093. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50-day moving average price of $62.30 and a 200 day moving average price of $62.44. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 2.85 and a beta of 0.93.

Analyst Ratings Changes

Several research firms have weighed in on PRGS. Oppenheimer boosted their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. 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 report on Monday, January 6th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Progress Software currently has a consensus rating of "Moderate Buy" and an average price target of $72.43.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the stock in a transaction 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 transaction, the insider now directly owns 7,613 shares of the company's stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock worth $984,621 in the last three months. Company insiders own 3.40% of the company's stock.

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.