VIRGINIA RETIREMENT SYSTEMS ET Al Invests $287,000 in Progress Software Corporation $PRGS

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Progress Software Corporation (NASDAQ:PRGS) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,500 shares of the software maker’s stock, valued at approximately $287,000.

A number of other large investors have also modified their holdings of PRGS. Swedbank AB increased its stake in shares of Progress Software by 65.8% during the first quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock worth $37,538,000 after purchasing an additional 289,122 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Progress Software by 75.6% during the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after purchasing an additional 241,515 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Progress Software during the first quarter worth about $9,973,000. The Manufacturers Life Insurance Company grew its stake in Progress Software by 29.1% during the 1st 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in 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 acquiring an additional 148,253 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PRGS. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday. Jefferies Financial Group dropped their price target 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. Citigroup raised shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Monday, October 13th. DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Finally, Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.26, for a total value of $66,059.28. Following the completion of the sale, the insider owned 668 shares in the company, valued at $30,901.68. This trade represents a 68.13% 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, Director Rainer Gawlick acquired 1,710 shares of Progress Software stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $43.48 per share, with a total value of $74,350.80. Following the purchase, the director directly owned 55,544 shares of the company’s stock, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 7,311 shares of company stock valued at $339,332 in the last ninety days. Insiders own 3.60% of the company’s stock.

Progress Software Trading Up 2.1%

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

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.