Teacher Retirement System of Texas Has $1.21 Million Stake in Progress Software Corporation $PRGS

Teacher Retirement System of Texas cut its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 34.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,961 shares of the software maker’s stock after selling 9,905 shares during the period. Teacher Retirement System of Texas’ holdings in Progress Software were worth $1,210,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Progress Software during the second quarter worth about $411,000. First Citizens Bank & Trust Co. bought a new stake in shares of Progress Software during the second quarter worth about $398,000. Mountain Pacific Investment Advisers LLC increased its position in shares of Progress Software by 66.6% during the second quarter. Mountain Pacific Investment Advisers LLC now owns 227,626 shares of the software maker’s stock worth $14,532,000 after acquiring an additional 91,003 shares in the last quarter. LPL Financial LLC grew its position in Progress Software by 1,161.5% in the 1st quarter. LPL Financial LLC now owns 48,112 shares of the software maker’s stock worth $2,478,000 after purchasing an additional 44,298 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Progress Software by 9.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker’s stock worth $433,000 after purchasing an additional 694 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PRGS shares. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, September 30th. Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Citigroup raised shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Monday, October 13th. Finally, Jefferies Financial Group reduced their price objective on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, September 30th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.00.

Progress Software Stock Up 1.7%

PRGS opened at $42.86 on Thursday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 38.96, a PEG ratio of 1.95 and a beta of 0.67. Progress Software Corporation has a twelve month low of $40.29 and a twelve month high of $70.56. The company’s 50-day moving average price is $44.12 and its two-hundred day moving average price is $51.58.

Insider Buying and Selling at Progress Software

In other Progress Software news, Director Rainer Gawlick purchased 1,710 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the purchase, the director owned 55,544 shares of the company’s stock, valued at $2,415,053.12. This represents a 3.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 5,474 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $1,977,716.73. The trade was a 11.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,311 shares of company stock worth $339,332 over the last three months. 3.60% of the stock is currently owned by insiders.

About Progress Software

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.