Progress Software Co. (NASDAQ:PRGS) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 13.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 838,385 shares of the software maker's stock after selling 126,214 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.93% of Progress Software worth $54,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Assetmark Inc. lifted its holdings in Progress Software by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker's stock valued at $209,000 after acquiring an additional 286 shares during the last quarter. TD Private Client Wealth LLC raised its position in 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 valued at $126,000 after purchasing an additional 301 shares during the period. Blue Trust Inc. lifted its stake 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 purchasing an additional 394 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker's stock worth $560,000 after purchasing an additional 523 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of Progress Software by 2.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker's stock worth $1,439,000 after purchasing an additional 583 shares during the last quarter.

Progress Software Stock Down 1.0 %

PRGS stock traded down $0.59 during midday trading on Monday, hitting $57.32. The company's stock had a trading volume of 900,359 shares, compared to its average volume of 901,093. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The firm has a 50-day simple moving average of $62.07 and a 200-day simple moving average of $62.49. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market capitalization of $2.49 billion, a P/E ratio of 36.74, a PEG ratio of 2.85 and a beta of 0.93.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Citigroup upped their target price 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. Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Jefferies Financial Group lifted their target price 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. StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. 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 equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $72.43.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,482 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the sale, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of Progress Software 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 completion of the transaction, the chief financial officer now owns 44,564 shares of the company's stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,482 shares of company stock worth $984,621. Company 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.