Progress Software Co. (NASDAQ:PRGS) Shares Sold by Inspire Advisors LLC

Inspire Advisors LLC cut its holdings in Progress Software Co. (NASDAQ:PRGS) by 8.6% during the 4th quarter, Holdings Channel reports. The firm owned 3,212 shares of the software maker’s stock after selling 301 shares during the period. Inspire Advisors LLC’s holdings in Progress Software were worth $209,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Pacer Advisors Inc. grew its position 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 purchasing an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the last quarter. Seizert Capital Partners LLC boosted its position in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares during the last quarter. Segall Bryant & Hamill LLC boosted its position in Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares during the last quarter. Finally, Systematic Financial Management LP boosted its position in Progress Software by 10.5% during the third quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker’s stock worth $36,677,000 after acquiring an additional 51,568 shares during the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of analyst reports. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Jefferies Financial Group raised their target price 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. DA Davidson restated a “buy” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Stock Performance

Shares of PRGS stock opened at $54.57 on Thursday. The company’s fifty day simple moving average is $58.25 and its 200-day simple moving average is $62.37. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. 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 company has a market cap of $2.37 billion, a PE ratio of 34.98, a P/E/G ratio of 2.82 and a beta of 0.88.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,482 shares of Progress Software 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 sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction 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 sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 in the last quarter. Company insiders own 3.30% 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.