Progress Software Corporation (NASDAQ:PRGS) CFO Sells $292,871.13 in Stock

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares of the company's stock, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Progress Software Trading Down 1.7%

NASDAQ PRGS traded down $0.89 on Thursday, hitting $50.63. 606,304 shares of the stock were exchanged, compared to its average volume of 744,456. Progress Software Corporation has a 52-week low of $50.04 and a 52-week high of $70.56. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 38.65, a P/E/G ratio of 2.49 and a beta of 0.68. The company's 50-day moving average price is $61.22 and its two-hundred day moving average price is $59.16.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same period in the previous year, the company posted $1.09 EPS. The company's quarterly revenue was up 35.6% compared to the same quarter last year. Research analysts predict that Progress Software Corporation will post 4.01 EPS for the current year.

Analyst Upgrades and Downgrades

PRGS has been the subject of several analyst reports. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Wedbush reissued an "outperform" rating and set a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Citigroup reissued a "neutral" rating on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Progress Software presently has an average rating of "Moderate Buy" and a consensus target price of $75.17.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently modified their holdings of the stock. Exchange Traded Concepts LLC increased its stake in shares of Progress Software by 4.3% in the second quarter. Exchange Traded Concepts LLC now owns 33,888 shares of the software maker's stock worth $2,163,000 after acquiring an additional 1,389 shares during the last quarter. Chesley Taft & Associates LLC acquired a new position in shares of Progress Software in the second quarter worth $227,000. Harbor Capital Advisors Inc. increased its stake in shares of Progress Software by 14.3% in the second quarter. Harbor Capital Advisors Inc. now owns 11,759 shares of the software maker's stock worth $751,000 after acquiring an additional 1,473 shares during the last quarter. Parisi Gray Wealth Management acquired a new position in shares of Progress Software in the second quarter worth $204,000. Finally, Swedbank AB boosted its holdings in Progress Software by 65.8% in the first quarter. Swedbank AB now owns 728,748 shares of the software maker's stock worth $37,538,000 after purchasing an additional 289,122 shares in 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.