US Bancorp DE Decreases Stock Holdings in Progress Software Corporation $PRGS

US Bancorp DE decreased its position in Progress Software Corporation (NASDAQ:PRGS) by 19.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,058 shares of the software maker’s stock after selling 2,613 shares during the quarter. US Bancorp DE’s holdings in Progress Software were worth $706,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PRGS. Swedbank AB increased its position in shares of Progress Software by 65.8% in the first quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock valued at $37,538,000 after acquiring an additional 289,122 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after acquiring an additional 241,515 shares during the period. Nuveen LLC purchased a new position in shares of Progress Software in the first quarter valued at about $9,973,000. The Manufacturers Life Insurance Company increased its position in shares of Progress Software by 29.1% in the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker’s stock valued at $34,650,000 after acquiring an additional 151,800 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Progress Software by 1,772.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 156,615 shares of the software maker’s stock valued at $8,067,000 after purchasing an additional 148,253 shares in the last quarter.

Progress Software Trading Up 0.6%

NASDAQ:PRGS opened at $45.16 on Friday. Progress Software Corporation has a one year low of $40.29 and a one year high of $70.56. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The company’s 50-day simple moving average is $44.42 and its 200 day simple moving average is $52.73. The firm has a market capitalization of $1.94 billion, a P/E ratio of 41.05, a PEG ratio of 2.07 and a beta of 0.67.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PRGS shares. Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Progress Software in a research note on Wednesday, October 8th. Jefferies Financial Group cut their target price on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, September 30th. Finally, DA Davidson reaffirmed a “buy” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, September 30th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.00.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 5,474 shares of the business’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.47, for a total transaction of $254,376.78. Following the sale, the chief financial officer owned 42,559 shares of the company’s stock, valued at $1,977,716.73. The trade was a 11.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.26, for a total transaction of $66,059.28. Following the sale, the insider directly owned 668 shares in the company, valued at $30,901.68. The trade was a 68.13% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,311 shares of company stock worth $339,332. Insiders own 3.40% of the company’s stock.

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.