Progress Software Co. (NASDAQ:PRGS) Stake Raised by Edgestream Partners L.P.

Edgestream Partners L.P. grew its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 208.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,819 shares of the software maker's stock after acquiring an additional 72,218 shares during the quarter. Edgestream Partners L.P. owned about 0.25% of Progress Software worth $6,959,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Smartleaf Asset Management LLC raised its position 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 valued at $50,000 after buying an additional 688 shares during the last quarter. GAMMA Investing LLC raised its holdings in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock valued at $113,000 after acquiring an additional 619 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of 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 period. Blue Trust Inc. lifted its stake in shares of 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 period. Finally, KBC Group NV grew 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 valued at $152,000 after purchasing an additional 719 shares during the period.

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Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Jefferies Financial Group increased their target price on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, January 6th. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. DA Davidson reaffirmed a "buy" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Finally, Guggenheim reissued a "buy" rating and issued 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 issued a buy rating to the company's stock. According to data from MarketBeat, Progress Software currently has an average rating of "Moderate Buy" and a consensus target price of $72.43.

Insider Buying and Selling at Progress Software

In other news, CAO Domenic Lococo sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares of the company's stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the company's 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 completion of the sale, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % 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 90 days. 3.40% of the stock is owned by corporate insiders.

Progress Software Stock Down 2.0 %

Shares of Progress Software stock traded down $1.10 during trading hours on Tuesday, hitting $55.14. 576,555 shares of the company's stock traded hands, compared to its average volume of 729,153. 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 twelve month low of $48.00 and a twelve month high of $70.56. The stock has a 50 day simple moving average of $58.66 and a 200-day simple moving average of $62.44. The company has a market cap of $2.39 billion, a PE ratio of 35.35, a PEG ratio of 2.82 and a beta of 0.88.

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.