Envestnet Asset Management Inc. Grows Stock Holdings in Progress Software Corporation $PRGS

Envestnet Asset Management Inc. grew its stake in Progress Software Corporation (NASDAQ:PRGS) by 1.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,675 shares of the software maker’s stock after acquiring an additional 1,195 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Progress Software worth $5,916,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. purchased a new position in Progress Software during the 2nd quarter worth $411,000. Mountain Pacific Investment Advisers LLC lifted its holdings in shares of Progress Software by 66.6% in the 2nd quarter. Mountain Pacific Investment Advisers LLC now owns 227,626 shares of the software maker’s stock worth $14,532,000 after buying an additional 91,003 shares during the period. First Citizens Bank & Trust Co. bought a new position in shares of Progress Software during the 2nd quarter worth $398,000. LPL Financial LLC increased its stake in shares of Progress Software by 1,161.5% during the first quarter. LPL Financial LLC now owns 48,112 shares of the software maker’s stock valued at $2,478,000 after buying an additional 44,298 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Progress Software by 9.0% during the first quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker’s stock valued at $433,000 after buying an additional 694 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PRGS shares. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. 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 report on Monday, October 13th. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, September 30th. Finally, Jefferies Financial Group dropped their target price on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Progress Software currently has an average rating of “Moderate Buy” and an average price target of $68.00.

Progress Software Stock Down 0.5%

Shares of PRGS stock opened at $42.89 on Thursday. The stock’s fifty day moving average price is $43.81 and its 200 day moving average price is $51.05. Progress Software Corporation has a 1-year low of $40.29 and a 1-year high of $70.56. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 38.99, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44.

Insider Transactions at Progress Software

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the transaction, the insider owned 668 shares in the company, valued at approximately $30,901.68. This represents a 68.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 5,474 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total transaction of $254,376.78. Following the completion of the transaction, the chief financial officer directly owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. This represents a 11.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,311 shares of company stock worth $339,332 in the last 90 days. 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.