Insider Selling: Progress Software Co. (NASDAQ:PRGS) CAO Sells 1,000 Shares of Stock

Progress Software Co. (NASDAQ:PRGS) CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated 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 in the company, valued at $242,000.72. The trade was a 18.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded up $0.66 during midday trading on Tuesday, hitting $57.33. The company had a trading volume of 687,147 shares, compared to its average volume of 839,665. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 36.75, a price-to-earnings-growth ratio of 2.86 and a beta of 0.93. The business’s 50-day simple moving average is $64.31 and its 200-day simple moving average is $62.48.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. 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 report on Monday, January 6th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. Citigroup increased their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.43.

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in PRGS. Pacer Advisors Inc. increased its holdings in shares of Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after purchasing an additional 1,140,626 shares during the last quarter. Leuthold Group LLC increased its holdings in shares of Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after purchasing an additional 371,026 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares during the period. Citigroup Inc. grew its position in Progress Software by 42.8% in the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock worth $33,172,000 after acquiring an additional 147,457 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in Progress Software by 11.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after acquiring an additional 99,479 shares during the period.

Progress Software Company 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.