KLP Kapitalforvaltning AS Has $6.33 Million Stock Holdings in Progress Software Corporation $PRGS

KLP Kapitalforvaltning AS trimmed its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 9.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 99,100 shares of the software maker’s stock after selling 9,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Progress Software were worth $6,327,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. grew its holdings in Progress Software by 3.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker’s stock worth $329,000 after acquiring an additional 185 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after purchasing an additional 187 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock worth $84,000 after purchasing an additional 326 shares during the period. Maseco LLP acquired a new position in shares of Progress Software during the second quarter worth $28,000. Finally, GAMMA Investing LLC lifted its stake in shares of Progress Software by 59.5% in the second quarter. GAMMA Investing LLC now owns 1,463 shares of the software maker’s stock worth $93,000 after acquiring an additional 546 shares during the period.

Progress Software Trading Down 3.8%

NASDAQ PRGS opened at $44.65 on Friday. The business has a fifty day simple moving average of $44.27 and a 200 day simple moving average of $53.04. The firm has a market capitalization of $1.92 billion, a P/E ratio of 40.59, a PEG ratio of 2.12 and a beta of 0.67. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. Progress Software Corporation has a 12 month low of $40.29 and a 12 month high of $70.56.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PRGS shares. Weiss Ratings restated a “hold (c-)” rating on shares of Progress Software in a report on Wednesday. Wedbush restated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. DA Davidson restated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, September 30th. Finally, Citigroup lowered their target price on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating on the stock in a report on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.00.

Insider Activity

In other news, Director Rainer Gawlick acquired 1,710 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the purchase, the director owned 55,544 shares in the company, valued at approximately $2,415,053.12. This represents a 3.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the sale, the insider owned 668 shares of the company’s stock, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,311 shares of company stock worth $339,332. Company insiders own 3.40% of the company’s stock.

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.