Insider Selling: Progress Software (NASDAQ:PRGS) Insider Sells 1,428 Shares of Stock

Key Points

• Progress Software insider Yufan Stephanie Wang sold 1,428 shares at an average price of $46.26, reducing their ownership by 68.13%.
• Progress Software's recent earnings report showed $1.40 EPS, exceeding estimates, with a 35.6% year-over-year revenue increase.
• Analysts hold a Moderate Buy average rating on Progress Software, with target prices ranging from $57.00 to $83.00.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the transaction, the insider directly owned 668 shares in the company, valued at approximately $30,901.68. The trade was a 68.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Progress Software Trading Down 0.3%

NASDAQ:PRGS traded down $0.15 during trading hours on Friday, hitting $46.17. The stock had a trading volume of 1,352,277 shares, compared to its average volume of 820,612. The business's 50 day moving average is $44.60 and its 200-day moving average is $53.41. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.43 and a current ratio of 0.44. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 41.97, a P/E/G ratio of 2.06 and a beta of 0.67. Progress Software Corporation has a one year low of $40.29 and a one year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. The firm's revenue was up 35.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 EPS. Sell-side analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Maseco LLP acquired a new position in shares of Progress Software in the second quarter valued at $28,000. Quaker Wealth Management LLC boosted its holdings in shares of Progress Software by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker's stock worth $29,000 after buying an additional 900 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in Progress Software in the 2nd quarter valued at about $41,000. Advisors Asset Management Inc. raised its holdings in Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after acquiring an additional 604 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in shares of Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock worth $62,000 after acquiring an additional 637 shares during the period.

Analysts Set New Price Targets

PRGS has been the subject of a number of research reports. Wall Street Zen cut Progress Software from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. 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 report on Tuesday, July 15th. DA Davidson reaffirmed a "buy" rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday. Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Finally, Wedbush reiterated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Progress Software currently has an average rating of "Moderate Buy" and an average target price of $70.00.

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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