Legato Capital Management LLC Lowers Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Legato Capital Management LLC lowered its holdings in Progress Software Co. (NASDAQ:PRGS) by 23.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 26,436 shares of the software maker’s stock after selling 8,215 shares during the period. Legato Capital Management LLC’s holdings in Progress Software were worth $1,722,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares during the period. TD Private Client Wealth LLC grew its position 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 valued at $126,000 after purchasing an additional 301 shares during the period. Blue Trust Inc. grew its position in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares during the period. KBC Group NV grew its position in shares of Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares during the period. Finally, Prudent Man Advisors LLC purchased a new stake in shares of Progress Software in the third quarter valued at $201,000.

Progress Software Trading Down 1.0 %

Shares of PRGS opened at $57.42 on Wednesday. The stock’s 50-day moving average is $63.00 and its two-hundred day moving average is $62.52. The stock has a market cap of $2.49 billion, a PE ratio of 36.81, a P/E/G ratio of 2.85 and a beta of 0.93. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Insiders Place Their Bets

In related news, CAO Domenic Lococo sold 1,000 shares of the business’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 transaction, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 15,000 shares of the business’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 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. Insiders have sold a total of 17,482 shares of company stock worth $984,621 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRGS. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Oppenheimer boosted 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. Citigroup boosted 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, January 17th. Finally, Jefferies Financial Group boosted their price target on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.