Vestcor Inc Has $316,000 Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Vestcor Inc lowered its position in shares of Progress Software Co. (NASDAQ:PRGS) by 35.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,857 shares of the software maker’s stock after selling 2,669 shares during the quarter. Vestcor Inc’s holdings in Progress Software were worth $316,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PRGS. Swiss National Bank increased its holdings in shares of Progress Software by 1.1% during the fourth quarter. Swiss National Bank now owns 84,400 shares of the software maker’s stock worth $5,499,000 after buying an additional 900 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Progress Software by 5.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock valued at $405,000 after purchasing an additional 317 shares in the last quarter. Great Lakes Advisors LLC increased its holdings in Progress Software by 31.6% during the 4th quarter. Great Lakes Advisors LLC now owns 6,681 shares of the software maker’s stock valued at $435,000 after purchasing an additional 1,606 shares in the last quarter. HighTower Advisors LLC raised its position in Progress Software by 24.8% in the 4th quarter. HighTower Advisors LLC now owns 13,249 shares of the software maker’s stock valued at $863,000 after purchasing an additional 2,631 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new position in Progress Software in the fourth quarter worth $2,861,000.

Progress Software Stock Performance

PRGS stock opened at $55.34 on Tuesday. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market cap of $2.40 billion, a P/E ratio of 35.47, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The business’s fifty day moving average is $57.63 and its 200-day moving average is $62.33.

Analyst Ratings Changes

PRGS has been the subject of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. 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 note on Friday, January 17th. Jefferies Financial Group boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $72.43.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of the 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 sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction that occurred 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 owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is owned by insiders.

Progress Software Company 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.