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

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

Progress Software Trading Down 2.3%

Shares of PRGS traded down $1.21 during trading hours on Wednesday, hitting $51.52. The stock had a trading volume of 1,926,644 shares, compared to its average volume of 611,653. The company's fifty day simple moving average is $61.39 and its 200 day simple moving average is $59.22. The firm has a market cap of $2.22 billion, a P/E ratio of 39.33, a P/E/G ratio of 2.43 and a beta of 0.68. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. Progress Software Corporation has a 12-month low of $50.68 and a 12-month high of $70.56.

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

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in PRGS. Natixis raised its stake in Progress Software by 287.1% during the 4th quarter. Natixis now owns 518,700 shares of the software maker's stock valued at $33,793,000 after acquiring an additional 384,700 shares in the last quarter. Swedbank AB grew its stake in shares of 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. Goldman Sachs Group Inc. grew its stake in shares of Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock worth $28,894,000 after purchasing an additional 241,515 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Progress Software in the fourth quarter worth $15,432,000. Finally, Nuveen LLC bought a new position in shares of Progress Software in the first quarter worth $9,973,000.

Analysts Set New Price Targets

PRGS has been the subject of several research reports. DA Davidson boosted their target price on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Wedbush reaffirmed an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Finally, Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $75.17.

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.

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