Segall Bryant & Hamill LLC Cuts Holdings in Progress Software Co. (NASDAQ:PRGS)

Segall Bryant & Hamill LLC lowered its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 576,123 shares of the software maker’s stock after selling 13,575 shares during the period. Segall Bryant & Hamill LLC’s holdings in Progress Software were worth $37,534,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in PRGS. Pacer Advisors Inc. increased its stake in 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 acquiring an additional 1,140,626 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Progress Software in the 4th quarter worth about $15,432,000. Citigroup Inc. increased its position in shares of Progress Software by 42.8% during the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after purchasing an additional 147,457 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Progress Software during the 4th quarter valued at about $6,235,000. Finally, Edgestream Partners L.P. lifted its position in Progress Software by 208.7% in the 4th quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker’s stock worth $6,959,000 after buying an additional 72,218 shares during the last quarter.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the business’s 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 transaction, the insider now directly owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock worth $984,621 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

PRGS has been the topic of a number of recent research reports. Jefferies Financial Group increased 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. DA Davidson reaffirmed a “buy” rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. Citigroup raised their price objective on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Progress Software has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Price Performance

PRGS stock opened at $55.00 on Tuesday. 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 firm’s 50-day moving average price is $56.83 and its two-hundred day moving average price is $62.22. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 35.26, a PEG ratio of 2.82 and a beta of 0.88. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56.

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.