Zurcher Kantonalbank Zurich Cantonalbank Decreases Stake in Progress Software Co. (NASDAQ:PRGS)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 43.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,278 shares of the software maker’s stock after selling 10,407 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Progress Software were worth $865,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its holdings in shares of Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares during the period. GAMMA Investing LLC increased its holdings in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares during the period. TD Private Client Wealth LLC raised its position in Progress Software by 19.3% during the 3rd 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 stake in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after acquiring an additional 394 shares during the period. Finally, KBC Group NV boosted its holdings in shares of 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 acquiring an additional 719 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Citigroup raised their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. Finally, 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. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Stock Down 2.1 %

Shares of PRGS opened at $54.22 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 $2.35 billion, a P/E ratio of 34.76, a PEG ratio of 2.82 and a beta of 0.88. The stock’s 50 day moving average is $57.12 and its two-hundred day moving average is $62.21. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is owned by company insiders.

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.