Progress Software Corporation (NASDAQ:PRGS) Director Rainer Gawlick Acquires 1,710 Shares

Key Points

• Rainer Gawlick, a director at Progress Software Corporation, purchased **1,710 shares** of stock at an average price of **$43.48**, increasing his ownership by **3.18%**.
• The company reported **earnings per share of $1.40** for the recent quarter, surpassing estimates of **$1.30**, with revenue up **35.6%** from the previous year.
• Analysts have a **"Moderate Buy"** rating on Progress Software, with an average price target of **$73.33**, indicating confidence in the stock's potential for growth.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) Director Rainer Gawlick purchased 1,710 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $43.48 per share, with a total value of $74,350.80. Following the transaction, the director directly owned 55,544 shares in the company, valued at $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Progress Software Stock Up 1.7%

Shares of PRGS traded up $0.78 during midday trading on Friday, reaching $45.73. 716,977 shares of the stock were exchanged, compared to its average volume of 916,772. Progress Software Corporation has a 12-month low of $42.88 and a 12-month high of $70.56. The firm has a 50 day simple moving average of $53.33 and a 200-day simple moving average of $56.32. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 34.91, a P/E/G ratio of 2.13 and a beta of 0.70.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Wedbush reissued an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Citigroup reduced their price objective on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, DA Davidson increased their price objective on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and an average price target of $73.33.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRGS. LPL Financial LLC acquired a new position in shares of Progress Software during the 4th quarter valued at about $248,000. Invesco Ltd. increased its holdings in shares of Progress Software by 0.7% during the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock valued at $52,284,000 after acquiring an additional 5,474 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Progress Software during the 4th quarter valued at about $15,432,000. Bessemer Group Inc. grew its holdings in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after buying an additional 296 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its holdings in Progress Software by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock valued at $290,000 after buying an additional 239 shares during the last quarter.

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.