KLP Kapitalforvaltning AS Has $5.61 Million Stock Position in Progress Software Corporation (NASDAQ:PRGS)

KLP Kapitalforvaltning AS grew its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 13.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 108,900 shares of the software maker's stock after acquiring an additional 13,200 shares during the period. KLP Kapitalforvaltning AS owned about 0.25% of Progress Software worth $5,609,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PRGS. HighTower Advisors LLC boosted its holdings in shares of Progress Software by 24.8% in the 4th 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 in the last quarter. Sei Investments Co. grew its stake in Progress Software by 22.7% in the 4th quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock valued at $4,297,000 after acquiring an additional 12,191 shares during the last quarter. LPL Financial LLC acquired a new stake in Progress Software in the 4th quarter valued at about $248,000. Vanguard Group Inc. boosted its stake in shares of Progress Software by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after purchasing an additional 45,246 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp purchased a new position in Progress Software in the fourth quarter valued at approximately $278,000.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the sale, the chief financial officer owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Krall bought 5,125 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was purchased at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the transaction, the director owned 100,090 shares in the company, valued at $4,894,401. The trade was a 5.40% increase in their position. The disclosure for this purchase can be found here. 3.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRGS. Citigroup decreased their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. DA Davidson lifted their price objective on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $73.33.

Progress Software Stock Down 0.7%

Shares of NASDAQ PRGS traded down $0.35 during mid-day trading on Monday, reaching $50.47. 107,101 shares of the company's stock were exchanged, compared to its average volume of 768,960. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 38.63, a PEG ratio of 2.40 and a beta of 0.68. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The business has a fifty day simple moving average of $58.22 and a 200 day simple moving average of $57.74. Progress Software Corporation has a twelve month low of $47.42 and a twelve month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. The company had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. Progress Software's revenue was up 35.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 earnings per share. As a group, equities analysts expect that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

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.