Rehmann Capital Advisory Group Grows Stock Position in Progress Software Corporation $PRGS

Rehmann Capital Advisory Group increased its holdings in Progress Software Corporation (NASDAQ:PRGS) by 17.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,694 shares of the software maker’s stock after purchasing an additional 2,024 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Progress Software were worth $874,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Avantax Advisory Services Inc. raised its holdings in Progress Software by 3.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker’s stock worth $329,000 after purchasing an additional 185 shares during the period. Nisa Investment Advisors LLC increased its stake in 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 buying an additional 326 shares in the last quarter. Meritage Portfolio Management increased its stake in Progress Software by 2.5% during the 2nd quarter. Meritage Portfolio Management now owns 15,302 shares of the software maker’s stock worth $977,000 after buying an additional 375 shares in the last quarter. Maseco LLP purchased a new stake in Progress Software during the 2nd quarter worth approximately $28,000. Finally, GAMMA Investing LLC increased its stake in 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 buying an additional 546 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Progress Software in a research report on Wednesday, October 8th. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Wedbush reiterated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Monday, October 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $75.00 price objective 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 two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Progress Software Stock Performance

NASDAQ:PRGS opened at $45.67 on Thursday. The firm has a market capitalization of $1.96 billion, a PE ratio of 41.52, a price-to-earnings-growth ratio of 2.12 and a beta of 0.67. The business’s fifty day moving average price is $44.49 and its 200 day moving average price is $52.52. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. Progress Software Corporation has a 12 month low of $40.29 and a 12 month high of $70.56.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 5,474 shares of the firm’s stock in a transaction dated 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 owned 42,559 shares in the company, valued at $1,977,716.73. This trade represents a 11.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,311 shares of company stock valued at $339,332. 3.40% of the stock is currently owned by insiders.

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.