Principal Financial Group Inc. Sells 54,844 Shares of Progress Software Co. (NASDAQ:PRGS)

Principal Financial Group Inc. lowered its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 990,396 shares of the software maker's stock after selling 54,844 shares during the period. Principal Financial Group Inc. owned about 2.28% of Progress Software worth $64,523,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in shares of Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after buying an additional 1,140,626 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Progress Software by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker's stock valued at $7,521,000 after buying an additional 42,773 shares during the period. Segall Bryant & Hamill LLC boosted its stake in shares of Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock valued at $39,728,000 after buying an additional 251,125 shares during the period. Seizert Capital Partners LLC boosted its stake in shares of Progress Software by 3.3% during the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker's stock valued at $43,463,000 after buying an additional 20,355 shares during the period. Finally, Leuthold Group LLC boosted its stake in shares of Progress Software by 958.1% during the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker's stock valued at $27,605,000 after buying an additional 371,026 shares during the period.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. StockNews.com lowered shares of 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 company a "hold" rating in a research note on Monday, January 6th. Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $72.43.

Progress Software Stock Performance

PRGS stock traded down $1.46 during mid-day trading on Friday, reaching $55.10. 570,017 shares of the stock traded hands, compared to its average volume of 764,115. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The business has a 50-day moving average of $61.06 and a two-hundred day moving average of $62.46. The firm has a market capitalization of $2.39 billion, a PE ratio of 35.32, a P/E/G ratio of 2.82 and a beta of 0.93.

Insider Activity

In related news, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the sale, the chief financial officer now directly owns 44,564 shares of the company's stock, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. Insiders own 3.40% of the company's stock.

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.