Quantbot Technologies LP Has $1.76 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Quantbot Technologies LP trimmed its position in Progress Software Co. (NASDAQ:PRGS) by 10.2% in the fourth quarter, Holdings Channel reports. The fund owned 27,030 shares of the software maker’s stock after selling 3,079 shares during the quarter. Quantbot Technologies LP’s holdings in Progress Software were worth $1,761,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Intech Investment Management LLC acquired a new stake in Progress Software during the 3rd quarter worth approximately $932,000. Charles Schwab Investment Management Inc. raised its stake in shares of Progress Software by 3.8% during the third 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 last quarter. Citigroup Inc. lifted its holdings in shares of 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 purchasing an additional 147,457 shares during the period. Cerity Partners LLC bought a new stake in shares of Progress Software in the third quarter worth $575,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Progress Software by 137.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,685 shares of the software maker’s stock valued at $1,596,000 after purchasing an additional 13,697 shares during the period.

Progress Software Price Performance

Shares of PRGS opened at $55.00 on Tuesday. The firm has a market cap of $2.39 billion, a PE ratio of 35.26, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The business’s 50 day moving average price is $56.83 and its two-hundred day moving average price is $62.22. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the company’s 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 transaction, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This represents a 18.86 % 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 quarter. 3.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PRGS shares. Citigroup lifted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note 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 report on Monday, January 6th. DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus target price 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.