DekaBank Deutsche Girozentrale Decreases Stake in Progress Software Corporation $PRGS

Key Points

• DekaBank Deutsche Girozentrale has reduced its stake in Progress Software Corporation by 2.6%, holding 478,870 shares worth approximately $30.9 million as of their most recent SEC filing.
• Several other investors, including Maseco LLP and GAMMA Investing LLC, have also adjusted their positions in Progress Software during the second quarter, with some increasing their holdings significantly.
• Progress Software has received multiple upgrades from research analysts, with a current consensus rating of "Moderate Buy" and a price target averaging $68.

DekaBank Deutsche Girozentrale lessened its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 2.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 478,870 shares of the software maker's stock after selling 12,614 shares during the quarter. DekaBank Deutsche Girozentrale owned 1.11% of Progress Software worth $30,918,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Maseco LLP acquired a new stake in shares of Progress Software during the 2nd quarter worth about $28,000. Advisors Asset Management Inc. raised its position in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after acquiring an additional 604 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Progress Software by 59.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,463 shares of the software maker's stock worth $93,000 after acquiring an additional 546 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Progress Software by 25.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after acquiring an additional 326 shares in the last quarter. Finally, Parisi Gray Wealth Management acquired a new stake in shares of Progress Software during the 2nd quarter worth about $204,000.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research analyst reports. Guggenheim reissued a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup raised Progress Software from a "neutral" rating to a "buy" rating and set a $57.00 target price on the stock in a research report on Monday, October 13th. Wedbush reaffirmed an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Friday, June 27th. DA Davidson reaffirmed a "buy" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, September 30th. Finally, Wall Street Zen raised Progress Software from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.00.

Progress Software Trading Down 1.5%

NASDAQ:PRGS opened at $45.67 on Thursday. The firm has a market cap of $1.96 billion, a P/E ratio of 41.52, a PEG ratio of 2.12 and a beta of 0.67. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock's 50 day simple moving average is $44.49 and its 200-day simple moving average is $52.52. Progress Software Corporation has a 12-month low of $40.29 and a 12-month high of $70.56.

Insider Activity

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the business'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 transaction, the insider owned 668 shares of the company's stock, valued at approximately $30,901.68. The trade was a 68.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rainer Gawlick bought 1,710 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the acquisition, the director owned 55,544 shares of the company's stock, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 7,311 shares of company stock valued at $339,332. Company insiders own 3.40% of the company's stock.

About Progress Software

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.

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