First Citizens Bank & Trust Co. Makes New $398,000 Investment in Progress Software Corporation $PRGS

First Citizens Bank & Trust Co. acquired a new position in shares of Progress Software Corporation (NASDAQ:PRGS) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,234 shares of the software maker’s stock, valued at approximately $398,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Avantax Advisory Services Inc. boosted its stake in shares of Progress Software by 3.0% in the first quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker’s stock valued at $329,000 after purchasing an additional 185 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock valued at $84,000 after purchasing an additional 326 shares during the period. Meritage Portfolio Management boosted its stake in shares of Progress Software by 2.5% in the second quarter. Meritage Portfolio Management now owns 15,302 shares of the software maker’s stock valued at $977,000 after purchasing an additional 375 shares during the period. Maseco LLP purchased a new position in shares of Progress Software in the second quarter valued at $28,000. Finally, GAMMA Investing LLC boosted its stake in shares of Progress Software by 59.5% in the second quarter. GAMMA Investing LLC now owns 1,463 shares of the software maker’s stock valued at $93,000 after purchasing an additional 546 shares during the period.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $46.01 on Monday. 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 firm’s 50 day moving average is $44.50 and its two-hundred day moving average is $52.33. The firm has a market capitalization of $1.97 billion, a P/E ratio of 41.83, a PEG ratio of 2.10 and a beta of 0.67. Progress Software Corporation has a 52 week low of $40.29 and a 52 week high of $70.56.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Citigroup upgraded shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Monday, October 13th. Jefferies Financial Group decreased their target price on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, September 30th. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, DA Davidson reiterated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Insiders Place Their Bets

In other Progress Software news, Director Rainer Gawlick purchased 1,710 shares of Progress Software 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 owned 55,544 shares of the company’s stock, valued at $2,415,053.12. The trade was a 3.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 5,474 shares of the business’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total value of $254,376.78. Following the transaction, the chief financial officer owned 42,559 shares of the company’s stock, valued at $1,977,716.73. This trade represents a 11.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,311 shares of company stock worth $339,332. 3.60% of the stock is owned by company 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.