Assetmark Inc. Buys 204 Shares of Progress Software Co. (NASDAQ:PRGS)

Assetmark Inc. boosted its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 6.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,301 shares of the software maker’s stock after purchasing an additional 204 shares during the quarter. Assetmark Inc.’s holdings in Progress Software were worth $215,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRGS. TD Private Client Wealth LLC lifted its stake in shares of Progress Software by 19.3% in the third 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. lifted its position in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after acquiring an additional 394 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Progress Software by 6.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock valued at $560,000 after acquiring an additional 523 shares during the period. Hudson Edge Investment Partners Inc. grew its position in shares of Progress Software by 4.8% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker’s stock valued at $851,000 after purchasing an additional 600 shares during the last quarter. Finally, Rehmann Capital Advisory Group increased its stake in shares of Progress Software by 7.0% in the third quarter. Rehmann Capital Advisory Group now owns 9,476 shares of the software maker’s stock worth $645,000 after purchasing an additional 619 shares during the period.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock worth $984,621 over the last three months. 3.30% of the stock is currently owned by corporate insiders.

Progress Software Trading Down 1.6 %

PRGS stock opened at $53.69 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market cap of $2.33 billion, a P/E ratio of 34.42, a P/E/G 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 business’s 50 day moving average is $58.25 and its 200-day moving average is $62.37.

Analyst Ratings Changes

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

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.