Corient Private Wealth LLC Lowers Stake in Progress Software Co. (NASDAQ:PRGS)

Corient Private Wealth LLC reduced its position in shares of Progress Software Co. (NASDAQ:PRGS) by 3.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 158,063 shares of the software maker’s stock after selling 6,275 shares during the quarter. Corient Private Wealth LLC owned 0.36% of Progress Software worth $10,298,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Swiss National Bank boosted its stake in shares of Progress Software by 1.1% during the 4th quarter. Swiss National Bank now owns 84,400 shares of the software maker’s stock worth $5,499,000 after acquiring an additional 900 shares in the last quarter. Avantax Advisory Services Inc. raised its position in shares of Progress Software by 5.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after purchasing an additional 317 shares during the last quarter. Great Lakes Advisors LLC raised its position in shares of Progress Software by 31.6% during the 4th quarter. Great Lakes Advisors LLC now owns 6,681 shares of the software maker’s stock worth $435,000 after purchasing an additional 1,606 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Progress Software by 24.8% during the 4th quarter. HighTower Advisors LLC now owns 13,249 shares of the software maker’s stock worth $863,000 after purchasing an additional 2,631 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new position in shares of Progress Software during the 4th quarter worth about $2,861,000.

Insider Activity

In other news, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. The trade was a 18.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $83,881.20. Following 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by company insiders.

Progress Software Trading Down 0.4 %

PRGS opened at $55.41 on Thursday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50 day simple moving average is $57.31 and its two-hundred day simple moving average is $62.27. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $70.56. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 35.52, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88.

Analysts Set New Price Targets

Several research firms recently weighed in on PRGS. DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup upped their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

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.