Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Position in Progress Software Co. (NASDAQ:PRGS)

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in Progress Software Co. (NASDAQ:PRGS) by 43.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 13,278 shares of the software maker’s stock after selling 10,407 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Progress Software were worth $865,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Atria Investments Inc increased its stake in shares of Progress Software by 12.6% in the 3rd quarter. Atria Investments Inc now owns 5,920 shares of the software maker’s stock worth $399,000 after acquiring an additional 663 shares during the last quarter. Victory Capital Management Inc. increased its position in Progress Software by 62.1% during the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after purchasing an additional 42,773 shares during the last quarter. Intech Investment Management LLC purchased a new position in Progress Software during the third quarter worth about $932,000. Integrated Investment Consultants LLC acquired a new position in Progress Software in the 3rd quarter valued at about $474,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Progress Software by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock valued at $32,267,000 after buying an additional 17,448 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. StockNews.com cut 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 issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Jefferies Financial Group upped their target price 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, Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Insider Buying and Selling

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was 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 in the company, valued at $242,000.72. This represents a 18.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction dated 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 $2,508,953.20. This represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock valued at $984,621 in the last ninety days. Company insiders own 3.40% of the company’s stock.

Progress Software Stock Down 2.1 %

Shares of NASDAQ:PRGS opened at $54.22 on Friday. The firm has a market capitalization of $2.35 billion, a PE ratio of 34.76, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The firm’s 50-day moving average is $57.12 and its two-hundred day moving average is $62.21.

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.