Illinois Municipal Retirement Fund Sells 359 Shares of Progress Software Co. (NASDAQ:PRGS)

Illinois Municipal Retirement Fund reduced its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 1.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,338 shares of the software maker’s stock after selling 359 shares during the period. Illinois Municipal Retirement Fund’s holdings in Progress Software were worth $1,455,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PRGS. Los Angeles Capital Management LLC lifted its stake in shares of Progress Software by 967.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 35,709 shares of the software maker’s stock valued at $2,326,000 after purchasing an additional 32,364 shares during the period. Olympiad Research LP bought a new stake in Progress Software in the fourth quarter worth approximately $230,000. Hudson Edge Investment Partners Inc. increased its holdings in Progress Software by 4.8% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 13,068 shares of the software maker’s stock worth $851,000 after purchasing an additional 600 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in Progress Software by 28.2% in the fourth quarter. Handelsbanken Fonder AB now owns 11,816 shares of the software maker’s stock worth $770,000 after purchasing an additional 2,600 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its holdings in shares of Progress Software by 5.0% during the 4th quarter. New York State Teachers Retirement System now owns 80,750 shares of the software maker’s stock worth $5,261,000 after buying an additional 3,836 shares in the last quarter.

Insider Transactions at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last ninety days. 3.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research analyst reports. Citigroup increased their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group raised their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, DA Davidson restated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $54.64 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The stock’s 50 day moving average is $59.88 and its 200-day moving average is $62.44. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 35.03, a PEG ratio of 2.82 and a beta of 0.93.

Progress Software 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.