Kendall Capital Management Acquires 5,480 Shares of Progress Software Co. (NASDAQ:PRGS)

Kendall Capital Management lifted its position in shares of Progress Software Co. (NASDAQ:PRGS) by 37.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,095 shares of the software maker’s stock after purchasing an additional 5,480 shares during the period. Kendall Capital Management’s holdings in Progress Software were worth $1,309,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Amundi lifted its position in shares of Progress Software by 110.5% during the fourth quarter. Amundi now owns 25,117 shares of the software maker’s stock valued at $1,594,000 after purchasing an additional 13,187 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Progress Software by 208.7% during the fourth quarter. Edgestream Partners L.P. now owns 106,819 shares of the software maker’s stock worth $6,959,000 after buying an additional 72,218 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Progress Software during the fourth quarter worth about $15,432,000. Aigen Investment Management LP purchased a new stake in Progress Software during the fourth quarter worth about $271,000. Finally, Atria Investments Inc increased its holdings in Progress Software by 34.4% during the fourth quarter. Atria Investments Inc now owns 7,954 shares of the software maker’s stock worth $518,000 after buying an additional 2,034 shares during the last quarter.

Progress Software Stock Up 2.9 %

Shares of PRGS opened at $57.23 on Friday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.82 and a beta of 0.88. The stock has a 50 day moving average price of $58.84 and a 200 day moving average price of $62.41.

Analyst Upgrades and Downgrades

PRGS has been the subject of several recent research reports. DA Davidson reiterated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. 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 note on Monday, January 6th. Citigroup boosted 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. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.43.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the firm’s 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value 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 trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is currently owned by company insiders.

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.