Integrated Investment Consultants LLC Reduces Stock Position in Progress Software Co. (NASDAQ:PRGS)

Integrated Investment Consultants LLC lowered its position in Progress Software Co. (NASDAQ:PRGS) by 11.2% during the 4th quarter, HoldingsChannel reports. The firm owned 6,244 shares of the software maker’s stock after selling 787 shares during the period. Integrated Investment Consultants LLC’s holdings in Progress Software were worth $407,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PRGS. Leuthold Group LLC increased its holdings in shares of Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after purchasing an additional 371,026 shares during the period. Segall Bryant & Hamill LLC increased its holdings in shares of Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares during the period. Marshall Wace LLP increased its holdings in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after purchasing an additional 221,336 shares during the period. Citigroup Inc. increased its holdings in shares of Progress Software by 42.8% in the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock worth $33,172,000 after purchasing an additional 147,457 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Progress Software by 11.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares during the period.

Progress Software Stock Down 1.2 %

PRGS opened at $62.94 on Friday. The company has a market cap of $2.70 billion, a P/E ratio of 33.66, a P/E/G ratio of 6.64 and a beta of 0.93. The business’s 50-day moving average price is $66.65 and its 200-day moving average price is $62.26. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday. Guggenheim restated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday. DA Davidson raised their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Oppenheimer raised their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.71.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.30% 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.