Delphi Management Inc. MA Has $1.52 Million Holdings in Progress Software Co. (NASDAQ:PRGS)

Delphi Management Inc. MA cut its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 10.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,361 shares of the software maker’s stock after selling 2,593 shares during the period. Progress Software makes up approximately 1.5% of Delphi Management Inc. MA’s investment portfolio, making the stock its 22nd largest holding. Delphi Management Inc. MA owned about 0.05% of Progress Software worth $1,522,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cibc World Markets Corp acquired a new position in Progress Software in the fourth quarter valued at about $259,000. Swiss National Bank raised its holdings in Progress Software by 1.1% during the fourth 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 holdings in Progress Software by 5.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after acquiring an additional 317 shares in the last quarter. Great Lakes Advisors LLC raised its stake in Progress Software by 31.6% in the fourth quarter. Great Lakes Advisors LLC now owns 6,681 shares of the software maker’s stock valued at $435,000 after buying an additional 1,606 shares during the period. Finally, HighTower Advisors LLC raised its stake in Progress Software by 24.8% in the fourth quarter. HighTower Advisors LLC now owns 13,249 shares of the software maker’s stock valued at $863,000 after buying an additional 2,631 shares during the period.

Analysts Set New Price Targets

PRGS has been the topic of several research analyst reports. Jefferies Financial Group upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. Citigroup upped their target price 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, DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.43.

Insider Buying and Selling

In related news, 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 transaction of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the sale, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last 90 days. 3.40% of the stock is owned by corporate insiders.

Progress Software Trading Up 0.2 %

Shares of NASDAQ:PRGS opened at $55.34 on Tuesday. The company has a market capitalization of $2.40 billion, a P/E ratio of 35.47, 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 company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50 day simple moving average is $57.63 and its 200 day simple moving average is $62.33.

Progress Software Company 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.