Principal Financial Group Inc. Has $64.52 Million Stock Holdings in Progress Software Co. (NASDAQ:PRGS)

Principal Financial Group Inc. decreased its position in Progress Software Co. (NASDAQ:PRGS) by 5.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 990,396 shares of the software maker’s stock after selling 54,844 shares during the period. Principal Financial Group Inc. owned approximately 2.28% of Progress Software worth $64,523,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. New York State Teachers Retirement System increased its stake in Progress Software by 5.0% during the 4th quarter. New York State Teachers Retirement System now owns 80,750 shares of the software maker’s stock worth $5,261,000 after purchasing an additional 3,836 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in Progress Software by 4.2% in the 4th quarter. GHP Investment Advisors Inc. now owns 104,572 shares of the software maker’s stock worth $6,813,000 after purchasing an additional 4,192 shares during the period. Meritage Portfolio Management raised its stake in shares of Progress Software by 7.3% in the 4th quarter. Meritage Portfolio Management now owns 14,843 shares of the software maker’s stock valued at $967,000 after purchasing an additional 1,008 shares during the period. EMC Capital Management lifted its holdings in shares of Progress Software by 43.8% in the fourth quarter. EMC Capital Management now owns 3,822 shares of the software maker’s stock valued at $249,000 after purchasing an additional 1,164 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after buying an additional 1,140,626 shares in the last quarter.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock valued at $984,621 over the last ninety days. 3.30% of the stock is currently owned by company insiders.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $56.66 on Thursday. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The stock has a 50 day moving average of $61.60 and a 200-day moving average of $62.46. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market capitalization of $2.46 billion, a P/E ratio of 36.32, a P/E/G ratio of 2.86 and a beta of 0.93.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PRGS shares. DA Davidson reaffirmed a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Jefferies Financial Group upped their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.43.

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.