Progress Software Co. (NASDAQ:PRGS) Insider Sells $39,471.93 in Stock

Progress Software Co. (NASDAQ:PRGS) insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Progress Software Stock Up 0.3 %

NASDAQ:PRGS traded up $0.15 during trading hours on Tuesday, hitting $51.34. The stock had a trading volume of 252,394 shares, compared to its average volume of 554,240. The company has a market cap of $2.22 billion, a PE ratio of 33.24, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. The business has a 50 day simple moving average of $51.95 and a two-hundred day simple moving average of $53.56. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software Co. has a 1-year low of $49.00 and a 1-year high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. Progress Software’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 earnings per share. Analysts predict that Progress Software Co. will post 3.85 EPS for the current year.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software’s dividend payout ratio (DPR) is currently 45.45%.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC bought a new stake in Progress Software in the 4th quarter valued at about $28,000. Headlands Technologies LLC purchased a new stake in shares of Progress Software during the third quarter worth about $40,000. Orion Capital Management LLC bought a new position in shares of Progress Software during the third quarter valued at approximately $41,000. Clear Street Markets LLC purchased a new stake in Progress Software in the third quarter worth approximately $50,000. Finally, Blue Trust Inc. raised its position in shares of Progress Software by 24.1% during the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after purchasing an additional 239 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, March 27th. JPMorgan Chase & Co. lowered their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Wedbush lifted their target price on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Finally, DA Davidson began coverage on Progress Software in a research report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $64.60.

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.