How Progress Software Corporation (PRGS) Stacks Up Against Its Peers

Now, specific money managers were breaking ground themselves. Laurion Capital Management created the biggest position in Progress Software Corporation (NASDAQ:PRGS). Laurion Capital Management had $7.3 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $3.1 million position during the quarter. The other funds with new positions in the stock are Alec Litowitz and Ross Laser’s Magnetar Capital, David Costen Haley’s HBK Investments, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Progress Software Corporation (NASDAQ:PRGS) but similarly valued. We will take a look at FCB Financial Holdings Inc (NYSE:FCB), Flagstar Bancorp Inc (NYSE:FBC), Consolidated Communications Holdings Inc (NASDAQ:CNSL), and Ship Finance International Limited (NYSE:SFL). This group of stocks’ market valuations resemble PRGS’s market valuation.

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $61 million. That figure was $88 million in the case of PRGS. FCB Financial Holdings Inc (NYSE:FCB) is the most popular stock in this table. On the other hand Consolidated Communications Holdings Inc (NASDAQ:CNSL) is the least popular one with only 6 bullish hedge fund positions. Progress Software Corporation (NASDAQ:PRGS) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FCB might be a better candidate to consider taking a long position in.

Disclosure: None