Gallacher Capital Management LLC Has $237,000 Stake in Progress Software Co. (NASDAQ:PRGS)

Gallacher Capital Management LLC trimmed its position in shares of Progress Software Co. (NASDAQ:PRGS) by 40.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,640 shares of the software maker’s stock after selling 2,506 shares during the quarter. Gallacher Capital Management LLC’s holdings in Progress Software were worth $237,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Assetmark Inc. grew its stake in shares of Progress Software by 6.6% during the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after acquiring an additional 204 shares during the period. TD Private Client Wealth LLC grew its stake in shares of Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after acquiring an additional 301 shares during the period. Avantax Advisory Services Inc. grew its stake in shares of Progress Software by 5.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker’s stock worth $405,000 after acquiring an additional 317 shares during the period. Blue Trust Inc. grew its stake in shares of Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after acquiring an additional 394 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after acquiring an additional 523 shares during the period.

Progress Software Stock Performance

Shares of PRGS opened at $55.23 on Monday. The company has a market cap of $2.40 billion, a PE ratio of 35.40, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. 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 stock has a 50-day moving average price of $57.83 and a 200-day moving average price of $62.35. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56.

Insiders Place Their Bets

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value 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 represents a 25.18 % decrease in their position. 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 quarter. 3.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PRGS shares. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. DA Davidson restated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Citigroup raised their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

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.