Versor Investments LP Acquires Shares of 9,700 Progress Software Corporation $PRGS

Versor Investments LP acquired a new stake in Progress Software Corporation (NASDAQ:PRGS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,700 shares of the software maker’s stock, valued at approximately $619,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Boston Trust Walden Corp boosted its holdings in Progress Software by 1.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,796,719 shares of the software maker’s stock valued at $114,703,000 after purchasing an additional 32,874 shares in the last quarter. Swedbank AB boosted its holdings in Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock valued at $37,538,000 after purchasing an additional 289,122 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Progress Software by 29.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker’s stock valued at $34,650,000 after purchasing an additional 151,800 shares in the last quarter. Systematic Financial Management LP boosted its holdings in Progress Software by 16.2% in the 1st quarter. Systematic Financial Management LP now owns 643,711 shares of the software maker’s stock valued at $33,158,000 after purchasing an additional 89,578 shares in the last quarter. Finally, Seizert Capital Partners LLC boosted its holdings in Progress Software by 6.6% in the 1st quarter. Seizert Capital Partners LLC now owns 617,524 shares of the software maker’s stock valued at $31,809,000 after purchasing an additional 38,352 shares in the last quarter.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $46.26, for a total value of $66,059.28. Following the sale, the insider owned 668 shares of the company’s stock, valued at approximately $30,901.68. This represents a 68.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 5,474 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the sale, the chief financial officer directly owned 42,559 shares in the company, valued at approximately $1,977,716.73. The trade was a 11.40% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 7,311 shares of company stock valued at $339,332. 3.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PRGS has been the topic of several research analyst reports. Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Monday, October 13th. Jefferies Financial Group decreased their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, September 30th. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Finally, Wall Street Zen raised Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Progress Software Price Performance

PRGS stock opened at $42.68 on Tuesday. Progress Software Corporation has a 1 year low of $40.29 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44. The stock’s 50 day moving average price is $44.27 and its 200 day moving average price is $51.74. The firm has a market cap of $1.83 billion, a P/E ratio of 38.80, a PEG ratio of 1.95 and a beta of 0.67.

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.