Olympiad Research LP Takes Position in Progress Software Co. (NASDAQ:PRGS)

Olympiad Research LP purchased a new stake in Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 3,536 shares of the software maker’s stock, valued at approximately $230,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Pacer Advisors Inc. increased its holdings in Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares during the last quarter. Seizert Capital Partners LLC increased its holdings in Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after acquiring an additional 20,355 shares during the last quarter. Segall Bryant & Hamill LLC increased its holdings in Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after acquiring an additional 251,125 shares during the last quarter. Finally, Systematic Financial Management LP increased its holdings in Progress Software by 10.5% in the 3rd quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker’s stock valued at $36,677,000 after acquiring an additional 51,568 shares during the last quarter.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at $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 available at this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,482 shares of company stock valued at $984,621. Company insiders own 3.40% of the company’s stock.

Progress Software Price Performance

PRGS stock opened at $55.10 on Monday. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. 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 company has a 50-day moving average price of $61.06 and a 200 day moving average price of $62.51. The stock has a market cap of $2.39 billion, a PE ratio of 35.32, a P/E/G ratio of 2.82 and a beta of 0.93.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PRGS. Jefferies Financial Group lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Guggenheim reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.