Based on 289 hedge funds · latest filing: 2026 Q1 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their PRGS positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 84% of 3.0Y peak
84% of all-time peak
289 funds currently hold this stock — 84% of the 3.0-year high of 343 funds (reached 2025 Q2). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉
Outflows — 6% fewer funds vs a year ago
fund count last 6Q
20 fewer hedge funds hold PRGS compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠
More sellers than buyers — 46% buying
152 buying179 selling
Last quarter: 179 funds reduced or exited vs 152 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️
Steady new buyers — ~54 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 65 → 41 → 55 → 54. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
61% of holders stayed for 2+ years
■ 61% conviction (2yr+)
■ 21% medium
■ 18% new
177 out of 289 hedge funds have held PRGS for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares -9%, value -48%
Last quarter: funds added -9% more shares while total portfolio value only changed -48%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️
Steady discovery — ~54 new funds/quarter
47 → 65 → 41 → 55 → 54 new funds/Q
New funds entering each quarter: 65 → 41 → 55 → 54. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️
Veteran-anchored — 70% veterans vs 21% newcomers
■ 70% veterans
■ 9% 1-2yr
■ 21% new
Entry-cohort mix of 305 holders: 215 (70%) are 2+ year veterans, 27 entered 1–2 years ago, and 63 (21%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅
Strong quality — 38% AUM from major funds
38% from top-100 AUM funds
44 of 287 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.