Progress Software Corporation (PRGS): Insiders Aren’t Crazy About It

Page 1 of 2

Progress Software Corporation (NASDAQ:PRGS) was in 13 hedge funds’ portfolio at the end of March. PRGS has seen a decrease in hedge fund sentiment in recent months. There were 15 hedge funds in our database with PRGS holdings at the end of the previous quarter.

Progress Software Corporation (NASDAQ:PRGS) At the moment, there are plenty of methods investors can use to track stocks. Two of the most useful are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the elite investment managers can beat the market by a very impressive amount (see just how much).

Just as integral, positive insider trading sentiment is another way to break down the financial markets. There are lots of stimuli for an insider to get rid of shares of his or her company, but only one, very obvious reason why they would buy. Many empirical studies have demonstrated the impressive potential of this strategy if you know what to do (learn more here).

Keeping this in mind, we’re going to take a peek at the latest action regarding Progress Software Corporation (NASDAQ:PRGS).

Hedge fund activity in Progress Software Corporation (NASDAQ:PRGS)

At the end of the first quarter, a total of 13 of the hedge funds we track were long in this stock, a change of -13% from the previous quarter. With hedge funds’ capital changing hands, there exists a select group of notable hedge fund managers who were boosting their stakes meaningfully.

When looking at the hedgies we track, Daruma Asset Management, managed by Mariko Gordon, holds the largest position in Progress Software Corporation (NASDAQ:PRGS). Daruma Asset Management has a $55.1 million position in the stock, comprising 2.8% of its 13F portfolio. The second largest stake is held by Jeffrey Smith of Starboard Value LP, with a $46.2 million position; the fund has 4.2% of its 13F portfolio invested in the stock. Some other peers with similar optimism include Martin Whitman’s Third Avenue Management, Amy Minella’s Cardinal Capital and Ken Griffin’s Citadel Investment Group.

Since Progress Software Corporation (NASDAQ:PRGS) has witnessed declining sentiment from hedge fund managers, it’s easy to see that there lies a certain “tier” of hedgies that decided to sell off their entire stakes at the end of the first quarter. Intriguingly, Brett Hendrickson’s Nokomis Capital sold off the biggest stake of all the hedgies we watch, comprising about $4.9 million in stock., and Jay Petschek and Steven Major of Corsair Capital Management was right behind this move, as the fund cut about $2 million worth. These bearish behaviors are interesting, as total hedge fund interest was cut by 2 funds at the end of the first quarter.

What do corporate executives and insiders think about Progress Software Corporation (NASDAQ:PRGS)?

Insider buying is particularly usable when the company in question has experienced transactions within the past 180 days. Over the latest half-year time frame, Progress Software Corporation (NASDAQ:PRGS) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s go over hedge fund and insider activity in other stocks similar to Progress Software Corporation (NASDAQ:PRGS). These stocks are RealPage, Inc. (NASDAQ:RP), Manhattan Associates, Inc. (NASDAQ:MANH), Synchronoss Technologies, Inc. (NASDAQ:SNCR), Advent Software, Inc. (NASDAQ:ADVS), and NIC Inc. (NASDAQ:EGOV). This group of stocks are the members of the application software industry and their market caps are closest to PRGS’s market cap.

Page 1 of 2
blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!