Sawgrass Asset Management LLC Has $259,000 Stock Position in Progress Software Co. (NASDAQ:PRGS)

Sawgrass Asset Management LLC reduced its holdings in shares of Progress Software Co. (NASDAQ:PRGS) by 12.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,980 shares of the software maker’s stock after selling 561 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Progress Software were worth $259,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after purchasing an additional 619 shares in the last quarter. TD Private Client Wealth LLC boosted 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 buying an additional 301 shares during the last quarter. Blue Trust Inc. grew its holdings 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 acquiring an additional 394 shares in the last quarter. KBC Group NV increased 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 acquiring an additional 719 shares during the last quarter. Finally, Prudent Man Advisors LLC bought a new stake in Progress Software during the third quarter worth about $201,000.

Progress Software Price Performance

Shares of PRGS opened at $57.91 on Friday. The firm has a market capitalization of $2.51 billion, a PE ratio of 37.12, a PEG ratio of 2.85 and a beta of 0.93. 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 company’s 50-day moving average is $62.53 and its 200-day moving average is $62.45. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Insider Buying and Selling at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of the company’s 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 transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at approximately $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction dated Monday, February 3rd. The stock was 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 owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock valued at $984,621 in the last three months. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. DA Davidson restated a “buy” rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Oppenheimer increased their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Progress Software 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.