Paradice Investment Management LLC Sells 17,619 Shares of Progress Software Co. (NASDAQ:PRGS)

Paradice Investment Management LLC decreased its position in shares of Progress Software Co. (NASDAQ:PRGS) by 6.8% in the 4th quarter, Holdings Channel reports. The firm owned 241,493 shares of the software maker’s stock after selling 17,619 shares during the quarter. Progress Software accounts for about 3.1% of Paradice Investment Management LLC’s portfolio, making the stock its 17th largest holding. Paradice Investment Management LLC’s holdings in Progress Software were worth $15,733,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. raised its holdings in Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after purchasing an additional 286 shares during the last quarter. TD Private Client Wealth LLC increased its stake 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 in the last quarter. Blue Trust Inc. increased its stake 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. Harbor Capital Advisors Inc. increased its stake in shares of Progress Software by 6.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock valued at $560,000 after acquiring an additional 523 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its stake in shares of Progress Software by 2.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock valued at $1,439,000 after acquiring an additional 583 shares in the last quarter.

Insiders Place Their Bets

In other news, 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. The trade was a 25.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the sale, the insider now owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. 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 three months. 3.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Oppenheimer lifted their price objective 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 downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Jefferies Financial Group lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Two investment 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 company has an average rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Price Performance

PRGS opened at $57.32 on Tuesday. 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 has a market capitalization of $2.49 billion, a price-to-earnings ratio of 36.74, a P/E/G ratio of 2.85 and a beta of 0.93. The firm’s fifty day moving average price is $62.07 and its two-hundred day moving average price is $62.49. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56.

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.