Progress Software Co. (NASDAQ:PRGS) CFO Sells $525,439.83 in Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Progress Software Stock Down 0.6 %

Progress Software stock traded down $0.42 during mid-day trading on Friday, reaching $65.91. The company’s stock had a trading volume of 274,266 shares, compared to its average volume of 509,543. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 8.38 and a beta of 0.92. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $67.89. The business’s 50 day simple moving average is $60.46 and its 200 day simple moving average is $55.16. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter last year, the firm posted $0.90 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, research analysts anticipate that Progress Software Co. will post 3.95 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group lowered their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer increased their price objective on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $66.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PRGS. Vanguard Group Inc. grew its position in shares of Progress Software by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares during the period. BTC Capital Management Inc. bought a new position in shares of Progress Software in the 1st quarter valued at about $445,000. Allspring Global Investments Holdings LLC grew its position in shares of Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after acquiring an additional 312,537 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Progress Software by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after buying an additional 6,166 shares during the last quarter. Finally, FORA Capital LLC lifted its stake in shares of Progress Software by 188.7% during the 1st quarter. FORA Capital LLC now owns 22,263 shares of the software maker’s stock worth $1,187,000 after buying an additional 14,551 shares during the last quarter.

About Progress Software

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.