Wakefield Asset Management LLLP Takes $1 Million Position in Progress Software Co. (NASDAQ:PRGS)

Wakefield Asset Management LLLP purchased a new position in Progress Software Co. (NASDAQ:PRGS) in the fourth quarter, HoldingsChannel reports. The firm purchased 15,372 shares of the software maker’s stock, valued at approximately $1,001,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Progress Software by 55.4% in the fourth 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 in the last quarter. TD Private Client Wealth LLC boosted its position in shares of Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares during the period. Blue Trust Inc. grew its holdings in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after purchasing an additional 394 shares during the last quarter. KBC Group NV increased its holdings in Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after purchasing an additional 719 shares during the period. Finally, Prudent Man Advisors LLC bought a new stake in shares of Progress Software in the 3rd quarter valued at about $201,000.

Progress Software Stock Performance

Shares of PRGS opened at $54.31 on Friday. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The stock has a 50-day moving average of $60.11 and a two-hundred day moving average of $62.41. 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 stock has a market cap of $2.36 billion, a P/E ratio of 34.81, a P/E/G ratio of 2.82 and a beta of 0.93.

Insider Activity

In other news, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the 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 approximately $242,000.72. The trade was a 18.86 % 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 ninety days. Insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

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