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Progress Software Corporation (NASDAQ:PRGS) CFO Anthony Folger Sells 5,529 Shares

Progress Software logo with Computer and Technology background

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

Progress Software Trading Down 2.0%

Shares of PRGS traded down $1.02 during trading hours on Friday, reaching $49.62. 1,507,008 shares of the company traded hands, compared to its average volume of 623,635. The company's fifty day moving average price is $60.80 and its two-hundred day moving average price is $58.90. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 37.88, a price-to-earnings-growth ratio of 2.35 and a beta of 0.68. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 12 month low of $49.15 and a 12 month high of $70.56.

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

Institutional Investors Weigh In On Progress Software

A number of large investors have recently modified their holdings of PRGS. Avantax Advisory Services Inc. boosted its stake in Progress Software by 3.0% during the first quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker's stock worth $329,000 after acquiring an additional 185 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after acquiring an additional 187 shares in the last quarter. Assetmark Inc. boosted its stake in Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock worth $215,000 after acquiring an additional 204 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Progress Software by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock worth $290,000 after acquiring an additional 239 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Progress Software by 0.3% during the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock worth $6,248,000 after acquiring an additional 281 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Citigroup reiterated a "neutral" rating on shares of Progress Software in a research report on Friday, June 27th. Finally, Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $75.17.

View Our Latest Analysis on PRGS

About Progress Software

(Get Free Report)

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.

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