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

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 acquired 1,710 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average cost of $43.48 per share, with a total value of $74,350.80. Following the completion of the acquisition, the director owned 55,544 shares in the company, valued at $2,415,053.12. This trade represents a 3.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Progress Software Trading Up 1.7%

Shares of PRGS traded up $0.78 during midday trading on Friday, hitting $45.73. The stock had a trading volume of 716,977 shares, compared to its average volume of 916,772. Progress Software Corporation has a 1 year low of $42.88 and a 1 year high of $70.56. The firm has a market cap of $1.97 billion, a PE ratio of 34.91, a price-to-earnings-growth ratio of 2.16 and a beta of 0.70. 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 stock's 50 day moving average is $53.33 and its 200 day moving average is $56.32.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on PRGS shares. DA Davidson raised their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. 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 restated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Finally, Citigroup dropped their price objective on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and a consensus target price of $73.33.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently bought and sold shares of PRGS. DLD Asset Management LP boosted its position in shares of Progress Software by 31.5% during the 2nd quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker's stock valued at $2,745,120,000 after acquiring an additional 10,300,000 shares during the last quarter. Boston Trust Walden Corp increased its stake in Progress Software by 1.9% during the second quarter. Boston Trust Walden Corp now owns 1,796,719 shares of the software maker's stock worth $114,703,000 after purchasing an additional 32,874 shares during the period. Geode Capital Management LLC increased its stake in shares of Progress Software by 0.5% during the second quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker's stock worth $68,155,000 after buying an additional 5,187 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Progress Software by 15.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock worth $49,642,000 after buying an additional 125,345 shares during the period. Finally, Invesco Ltd. boosted its holdings in Progress Software by 0.7% in the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock valued at $52,284,000 after purchasing an additional 5,474 shares in 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.