Handelsbanken Fonder AB Cuts Position in Progress Software Co. (NASDAQ:PRGS)

Handelsbanken Fonder AB reduced its holdings in shares of Progress Software Co. (NASDAQ:PRGSGet Rating) by 29.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,716 shares of the software maker’s stock after selling 3,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Progress Software were worth $328,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Progress Software by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 4,882,106 shares of the software maker’s stock worth $229,899,000 after purchasing an additional 20,903 shares during the period. Boston Trust Walden Corp boosted its position in shares of Progress Software by 1.8% in the third quarter. Boston Trust Walden Corp now owns 1,609,055 shares of the software maker’s stock worth $68,465,000 after buying an additional 28,454 shares during the period. State Street Corp boosted its position in shares of Progress Software by 3.0% in the first quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock worth $68,740,000 after buying an additional 42,824 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Progress Software by 3.6% during the 2nd quarter. Renaissance Technologies LLC now owns 1,295,070 shares of the software maker’s stock valued at $58,667,000 after buying an additional 45,289 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Progress Software by 25.4% during the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after buying an additional 250,733 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 3rd. Citigroup dropped their target price on Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.75.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $52.84 on Thursday. Progress Software Co. has a fifty-two week low of $40.33 and a fifty-two week high of $54.23. The business has a 50 day moving average price of $51.51 and a two-hundred day moving average price of $48.24. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.67. The firm has a market cap of $2.27 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of 6.92 and a beta of 1.05.

Insider Buying and Selling at Progress Software

In other Progress Software news, CAO Domenic Lococo sold 500 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the sale, the chief accounting officer now owns 1,886 shares in the company, valued at approximately $96,072.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Loren Jarrett sold 4,215 shares of Progress Software stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $48.95, for a total value of $206,324.25. Following the completion of the transaction, the executive vice president now owns 15,455 shares in the company, valued at approximately $756,522.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Domenic Lococo sold 500 shares of Progress Software stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $50.94, for a total value of $25,470.00. Following the completion of the transaction, the chief accounting officer now owns 1,886 shares of the company’s stock, valued at approximately $96,072.84. The disclosure for this sale can be found here. Insiders sold a total of 32,240 shares of company stock worth $1,638,654 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Progress Software Company Profile

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

Further Reading

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Institutional Ownership by Quarter for Progress Software (NASDAQ:PRGS)

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