Zurcher Kantonalbank Zurich Cantonalbank Decreases Stock Position in Progress Software Co. (NASDAQ:PRGS)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Progress Software Co. (NASDAQ:PRGS - Free Report) by 43.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 13,278 shares of the software maker's stock after selling 10,407 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Progress Software were worth $865,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Assetmark Inc. lifted its stake in Progress Software by 6.6% in the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after buying an additional 204 shares during the period. TD Private Client Wealth LLC lifted its position 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 valued at $126,000 after acquiring an additional 301 shares during the period. Blue Trust Inc. boosted its stake in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after acquiring an additional 394 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Progress Software by 6.5% in the fourth 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, Hudson Edge Investment Partners Inc. increased its stake in Progress Software by 4.8% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker's stock valued at $851,000 after purchasing an additional 600 shares in the last quarter.

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Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 15,000 shares of the company'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 value of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares of the company's stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The stock was 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 in the company, valued at $430,895.80. This trade represents a 16.29 % 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 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. DA Davidson reissued a "buy" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. Finally, Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Progress Software has a consensus rating of "Moderate Buy" and a consensus price target of $72.43.

Progress Software Stock Up 1.0 %

Progress Software stock traded up $0.57 during trading on Monday, hitting $55.00. 764,314 shares of the company were exchanged, compared to its average volume of 528,145. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The business's 50 day moving average is $56.97 and its 200 day moving average is $62.24. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a market capitalization of $2.39 billion, a P/E ratio of 35.26, a PEG ratio of 2.82 and a beta of 0.88.

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.