Hillsdale Investment Management Inc. Purchases New Position in Progress Software Co. (NASDAQ:PRGS)

Hillsdale Investment Management Inc. acquired a new position in Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 60,350 shares of the software maker’s stock, valued at approximately $3,932,000.

Several other hedge funds have also modified their holdings of PRGS. Smartleaf Asset Management LLC increased its position in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 619 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of 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 worth $126,000 after buying an additional 301 shares during the last quarter. Blue Trust Inc. raised its position in shares of 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 buying an additional 394 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after acquiring an additional 719 shares during the last quarter.

Progress Software Trading Up 0.4 %

NASDAQ PRGS opened at $54.43 on Friday. The stock has a market cap of $2.36 billion, a PE ratio of 34.89, a PEG ratio of 2.82 and a beta of 0.88. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company’s 50-day moving average price is $56.97 and its 200-day moving average price is $62.21. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Analyst Ratings Changes

PRGS has been the topic of several analyst reports. Citigroup boosted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. DA Davidson reaffirmed a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. 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 research note on Monday, January 6th. Finally, Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. This represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 in the last three months. Corporate insiders own 3.40% of the company’s stock.

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.