Cibc World Markets Corp Takes Position in Progress Software Co. (NASDAQ:PRGS)

Cibc World Markets Corp acquired a new position in shares of Progress Software Co. (NASDAQ:PRGS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,977 shares of the software maker’s stock, valued at approximately $259,000.

Several other large investors have also added to or reduced their stakes in PRGS. Pacer Advisors Inc. increased its position in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after buying an additional 1,140,626 shares during the period. Principal Financial Group Inc. increased its holdings in Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after acquiring an additional 43,936 shares during the period. Systematic Financial Management LP lifted its stake in Progress Software by 10.5% in the 3rd quarter. Systematic Financial Management LP now owns 544,417 shares of the software maker’s stock worth $36,677,000 after purchasing an additional 51,568 shares in the last quarter. Citigroup Inc. boosted its holdings in Progress Software by 42.8% in the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after purchasing an additional 147,457 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Progress Software by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker’s stock valued at $32,041,000 after purchasing an additional 12,855 shares during the period.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRGS. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. DA Davidson reiterated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Jefferies Financial Group boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Finally, Citigroup raised their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Insiders Place Their Bets

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

Progress Software Price Performance

PRGS opened at $55.16 on Wednesday. The stock has a market capitalization of $2.39 billion, a P/E ratio of 35.36, a PEG ratio of 2.82 and a beta of 0.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The stock has a 50-day moving average price of $56.68 and a 200-day moving average price of $62.21.

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.