KLP Kapitalforvaltning AS Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

KLP Kapitalforvaltning AS acquired a new stake in Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 95,700 shares of the software maker’s stock, valued at approximately $6,235,000. KLP Kapitalforvaltning AS owned 0.22% of Progress Software at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Intech Investment Management LLC bought a new position in shares of Progress Software during the 3rd quarter worth approximately $932,000. Charles Schwab Investment Management Inc. lifted its position in shares of Progress Software by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock valued at $32,267,000 after acquiring an additional 17,448 shares during the period. Citigroup Inc. boosted its stake in Progress Software by 42.8% during 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 in the last quarter. Cerity Partners LLC bought a new position in Progress Software during the third quarter worth $575,000. Finally, Quantbot Technologies LP grew its holdings in Progress Software by 62.7% in the third quarter. Quantbot Technologies LP now owns 30,109 shares of the software maker’s stock worth $2,028,000 after purchasing an additional 11,607 shares during the period.

Progress Software Trading Up 0.3 %

NASDAQ PRGS opened at $55.16 on Wednesday. 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 business has a fifty day simple moving average of $56.68 and a 200 day simple moving average of $62.21. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The firm has a market capitalization of $2.39 billion, a P/E ratio of 35.36, a PEG ratio of 2.82 and a beta of 0.88.

Insider Transactions at Progress Software

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on 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 transaction, 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 sold a total of 17,482 shares of company stock worth $984,621 in the last quarter. 3.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.