Harvest Fund Management Co. Ltd Acquires New Holdings in Progress Software Co. (NASDAQ:PRGS)

Harvest Fund Management Co. Ltd acquired a new stake in shares of Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,891 shares of the software maker’s stock, valued at approximately $448,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its position in Progress Software by 45,918.9% during 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 period. Principal Financial Group Inc. raised its position in 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 worth $70,418,000 after acquiring an additional 43,936 shares during the period. Systematic Financial Management LP raised its position in Progress Software by 10.5% in 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 period. Citigroup Inc. raised its position in Progress Software by 42.8% in the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock worth $33,172,000 after acquiring an additional 147,457 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Progress Software by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker’s stock worth $32,041,000 after acquiring an additional 12,855 shares during the period.

Progress Software Price Performance

Progress Software stock opened at $54.43 on Friday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The firm has a 50-day moving average price of $56.97 and a 200-day moving average price of $62.19. The firm has a market capitalization of $2.36 billion, a PE ratio of 34.89, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Citigroup increased their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Finally, DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Insider Activity at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 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 disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock worth $984,621 in the last 90 days. 3.40% of the stock is owned by corporate insiders.

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.