Rice Hall James & Associates LLC Reduces Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Rice Hall James & Associates LLC reduced its holdings in Progress Software Co. (NASDAQ:PRGS) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136,533 shares of the software maker’s stock after selling 1,558 shares during the period. Rice Hall James & Associates LLC’s holdings in Progress Software were worth $8,895,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PRGS. GAMMA Investing LLC boosted its holdings in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of 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 valued at $126,000 after acquiring an additional 301 shares during the last quarter. Blue Trust Inc. boosted 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 during the last quarter. KBC Group NV boosted its holdings in shares of Progress Software by 44.5% in the 4th 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 purchased a new stake in shares of Progress Software in the 3rd quarter valued at $201,000.

Wall Street Analyst Weigh In

Several research firms have recently commented on PRGS. Citigroup upped their price objective 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. 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. Jefferies Financial Group boosted 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. DA Davidson reiterated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Oppenheimer boosted their target price 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. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Stock Performance

NASDAQ:PRGS opened at $57.32 on Tuesday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The company has a fifty day moving average of $62.07 and a two-hundred day moving average of $62.49. The stock has a market capitalization of $2.49 billion, a PE ratio of 36.74, a P/E/G ratio of 2.85 and a beta of 0.93. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Pitt sold 1,482 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,482 shares of company stock worth $984,621. Company insiders own 3.40% 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.