AlphaQuest LLC Raises Stock Position in Progress Software Co. (NASDAQ:PRGS)

AlphaQuest LLC boosted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 179.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,463 shares of the software maker’s stock after acquiring an additional 4,793 shares during the period. AlphaQuest LLC’s holdings in Progress Software were worth $486,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Kendall Capital Management grew its stake in Progress Software by 37.5% during the fourth quarter. Kendall Capital Management now owns 20,095 shares of the software maker’s stock valued at $1,309,000 after acquiring an additional 5,480 shares in the last quarter. Amundi grew its stake in Progress Software by 110.5% during the fourth quarter. Amundi now owns 25,117 shares of the software maker’s stock valued at $1,594,000 after acquiring an additional 13,187 shares in the last quarter. Edgestream Partners L.P. grew its stake in Progress Software by 208.7% during the fourth quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker’s stock valued at $6,959,000 after acquiring an additional 72,218 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Progress Software during the fourth quarter valued at approximately $15,432,000. Finally, Aigen Investment Management LP purchased a new position in Progress Software during the fourth quarter valued at approximately $271,000.

Insider Activity

In related news, insider Ian Pitt sold 1,482 shares of the company’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 completion of the sale, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. Corporate insiders own 3.30% of the company’s stock.

Progress Software Price Performance

Shares of Progress Software stock opened at $54.57 on Thursday. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 34.98, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a fifty day moving average of $58.25 and a 200-day moving average of $62.37. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Analysts Set New Price Targets

A number of research firms have commented on PRGS. 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. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Jefferies Financial Group boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.