Teacher Retirement System of Texas Boosts Stock Position in Progress Software Co. (NASDAQ:PRGS)

Teacher Retirement System of Texas lifted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 108.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 47,267 shares of the software maker’s stock after purchasing an additional 24,639 shares during the quarter. Teacher Retirement System of Texas’ holdings in Progress Software were worth $3,079,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its stake in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares in the last quarter. GAMMA Investing LLC raised its position in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares during the period. TD Private Client Wealth LLC lifted its stake in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares during the last quarter. Blue Trust Inc. boosted its position in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after buying an additional 394 shares during the period. Finally, KBC Group NV grew its stake in shares of Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after buying an additional 719 shares during the last quarter.

Insider Activity

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,482 shares of company stock valued at $984,621. Corporate insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRGS. Citigroup boosted their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Guggenheim reissued a “buy” rating and set a $83.00 price objective 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 report on Thursday, January 23rd. Jefferies Financial Group increased their price target on shares of 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 reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.43.

Progress Software Stock Performance

NASDAQ:PRGS opened at $55.16 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a market cap of $2.39 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The firm’s fifty day simple moving average is $56.68 and its 200 day simple moving average is $62.21.

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.