Cibc World Markets Corp Makes New Investment in Progress Software Co. (NASDAQ:PRGS)

Cibc World Markets Corp acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,977 shares of the software maker’s stock, valued at approximately $259,000.

Other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings 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 period. GAMMA Investing LLC boosted its position in shares of Progress Software by 55.4% during 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 in the last quarter. TD Private Client Wealth LLC grew its stake 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 valued at $126,000 after buying an additional 301 shares during the period. Blue Trust Inc. grew its stake in shares of Progress Software by 23.2% in 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 during the period. Finally, KBC Group NV increased its position in 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 buying an additional 719 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PRGS. Citigroup upped their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Jefferies Financial Group lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Stock Up 0.3 %

Progress Software stock 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. The company has a market capitalization of $2.39 billion, a P/E ratio of 35.36, a P/E/G ratio of 2.82 and a beta of 0.88. The firm has a 50 day moving average price of $56.68 and a 200-day moving average price of $62.21. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56.

Insider Buying and Selling at Progress Software

In other news, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The stock was 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 of the company’s stock, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,482 shares of company stock valued at $984,621. Company insiders own 3.40% of the company’s stock.

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.