Los Angeles Capital Management LLC Has $2.33 Million Stake in Progress Software Co. (NASDAQ:PRGS)

Los Angeles Capital Management LLC boosted its holdings in Progress Software Co. (NASDAQ:PRGS) by 967.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,709 shares of the software maker’s stock after purchasing an additional 32,364 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Progress Software were worth $2,326,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Assetmark Inc. lifted its stake in shares of Progress Software by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after buying an additional 286 shares in the last quarter. TD Private Client Wealth LLC lifted its position in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares in the last quarter. Blue Trust Inc. boosted its stake in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after purchasing an additional 523 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in shares of Progress Software by 2.8% in the third quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock worth $1,439,000 after purchasing an additional 583 shares during the last quarter.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $54.31 on Friday. The company has a market capitalization of $2.36 billion, a P/E ratio of 34.81, a price-to-earnings-growth ratio of 2.82 and a beta of 0.93. The company’s 50-day moving average is $60.11 and its 200 day moving average is $62.41. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Wall Street Analysts Forecast Growth

PRGS has been the topic of several analyst reports. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Jefferies Financial Group increased their target price on shares of 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 analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.43.

Insiders Place Their Bets

In other news, CAO Domenic Lococo sold 1,000 shares of the firm’s 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 completion of the sale, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,482 shares of company stock valued at $984,621. Company insiders own 3.40% of the company’s stock.

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.