Meritage Portfolio Management Purchases 1,008 Shares of Progress Software Co. (NASDAQ:PRGS)

Meritage Portfolio Management boosted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 7.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,843 shares of the software maker’s stock after acquiring an additional 1,008 shares during the period. Meritage Portfolio Management’s holdings in Progress Software were worth $967,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PRGS. GAMMA Investing LLC lifted its position in shares of Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the last quarter. TD Private Client Wealth LLC increased its position in Progress Software by 19.3% in 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 period. Blue Trust Inc. increased its position in Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares during the period. KBC Group NV lifted its holdings in shares of 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 during the last quarter. Finally, Prudent Man Advisors LLC bought a new stake in shares of Progress Software in the third quarter valued at approximately $201,000.

Progress Software Stock Up 0.5 %

Shares of PRGS opened at $57.63 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a 50-day moving average price of $63.86 and a two-hundred day moving average price of $62.45. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 36.94, a P/E/G ratio of 2.86 and a beta of 0.93. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction dated 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 transaction, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock worth $984,621 in the last 90 days. 3.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Jefferies Financial Group increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Citigroup raised their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. 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.com, Progress Software presently has an average rating of “Moderate Buy” and a consensus price target of $72.43.

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.