Progress Software Co. (NASDAQ:PRGS) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC grew its stake in Progress Software Co. (NASDAQ:PRGS) by 55.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,736 shares of the software maker’s stock after purchasing an additional 619 shares during the period. GAMMA Investing LLC’s holdings in Progress Software were worth $113,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Assetmark Inc. raised its stake in shares of Progress Software by 10.2% in the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares in the last quarter. TD Private Client Wealth LLC raised 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 purchasing an additional 301 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the 2nd quarter valued at about $27,000. Exchange Traded Concepts LLC raised its stake in shares of Progress Software by 1.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after purchasing an additional 559 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in shares of Progress Software by 2.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock valued at $1,439,000 after purchasing an additional 583 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRGS. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group boosted their price objective 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $70.17.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Progress Software Price Performance

NASDAQ PRGS opened at $62.20 on Friday. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 33.26, a price-to-earnings-growth ratio of 7.35 and a beta of 0.93. The company has a 50-day moving average price of $67.03 and a two-hundred day moving average price of $61.78.

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.