BTC Capital Management Inc. Has $489,000 Stock Position in Progress Software Co. (NASDAQ:PRGS)

BTC Capital Management Inc. cut its holdings in Progress Software Co. (NASDAQ:PRGS) by 4.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,511 shares of the software maker’s stock after selling 326 shares during the period. BTC Capital Management Inc.’s holdings in Progress Software were worth $489,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PRGS. EMC Capital Management grew its position in shares of Progress Software by 43.8% during the 4th quarter. EMC Capital Management now owns 3,822 shares of the software maker’s stock worth $249,000 after purchasing an additional 1,164 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Progress Software by 45,918.9% in the fourth 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. KBC Group NV grew its position in Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after buying an additional 719 shares in the last quarter. Blue Trust Inc. increased its stake 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 acquiring an additional 394 shares during the period. Finally, Exchange Traded Concepts LLC raised its holdings in Progress Software by 4.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 30,820 shares of the software maker’s stock valued at $2,008,000 after acquiring an additional 1,261 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PRGS. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Jefferies Financial Group increased their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Price Performance

PRGS stock opened at $57.33 on Friday. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 36.75, a P/E/G ratio of 2.81 and a beta of 0.93. The company has a 50 day simple moving average of $64.57 and a 200 day simple moving average of $62.39.

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.