KLP Kapitalforvaltning AS Has $6.33 Million Stock Position in Progress Software Corporation $PRGS

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Progress Software Corporation by 9.0%, owning approximately $6.33 million worth of shares following the sale of 9,800 shares in the second quarter.
• Several institutional investors, including Allspring Global Investments and Swedbank AB, have significantly increased their holdings in Progress Software during the first quarter, indicating growing interest in the company.
• Research analysts maintain a positive outlook on the stock, with an average rating of "Moderate Buy" and a target price of $70.00, with Guggenheim setting a target of $83.00.

KLP Kapitalforvaltning AS decreased its position in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 9.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 99,100 shares of the software maker's stock after selling 9,800 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.23% of Progress Software worth $6,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 15.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock valued at $49,642,000 after buying an additional 125,345 shares in the last quarter. Swedbank AB grew its stake in shares of Progress Software by 65.8% in the first quarter. Swedbank AB now owns 728,748 shares of the software maker's stock valued at $37,538,000 after acquiring an additional 289,122 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Progress Software by 29.1% in the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker's stock valued at $34,650,000 after acquiring an additional 151,800 shares in the last quarter. Systematic Financial Management LP grew its stake in shares of Progress Software by 16.2% in the first quarter. Systematic Financial Management LP now owns 643,711 shares of the software maker's stock valued at $33,158,000 after acquiring an additional 89,578 shares in the last quarter. Finally, Seizert Capital Partners LLC grew its stake in shares of Progress Software by 6.6% in the first quarter. Seizert Capital Partners LLC now owns 617,524 shares of the software maker's stock valued at $31,809,000 after acquiring an additional 38,352 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRGS shares. Guggenheim restated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wedbush reissued an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen raised Progress Software from a "hold" rating to a "buy" rating in a research report on Friday, October 3rd. Citigroup reduced their target price on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Finally, DA Davidson reissued a "buy" rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday, September 30th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $70.00.

Insiders Place Their Bets

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total value of $66,059.28. Following the sale, the insider directly owned 668 shares in the company, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their position. 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 business's stock in a transaction on Tuesday, August 12th. The stock was bought at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the transaction, the director directly owned 55,544 shares of the company's stock, valued at approximately $2,415,053.12. This represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 7,311 shares of company stock valued at $339,332. 3.40% of the stock is owned by corporate insiders.

Progress Software Trading Down 3.8%

Shares of PRGS stock opened at $44.65 on Friday. The stock's fifty day moving average price is $44.27 and its two-hundred day moving average price is $53.04. The company has a market cap of $1.92 billion, a PE ratio of 40.59, a P/E/G ratio of 2.12 and a beta of 0.67. Progress Software Corporation has a fifty-two week low of $40.29 and a fifty-two week 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.

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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