Progress Software (NASDAQ:PRGS) Hits New 52-Week Low on Insider Selling

Progress Software Co. (NASDAQ:PRGS - Get Free Report) shares hit a new 52-week low on Tuesday after an insider sold shares in the company. The stock traded as low as $49.00 and last traded at $50.10, with a volume of 30059 shares. The stock had previously closed at $50.06.

Specifically, CEO Yogesh K. Gupta sold 40,174 shares of the business's stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $56.95, for a total value of $2,287,909.30. Following the sale, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Progress Software news, CFO Anthony Folger sold 7,500 shares of the company's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.41, for a total transaction of $430,575.00. Following the sale, the chief financial officer now owns 37,046 shares in the company, valued at approximately $2,126,810.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Yogesh K. Gupta sold 40,174 shares of the company's stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $56.95, for a total value of $2,287,909.30. Following the sale, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,248 shares of company stock worth $5,632,902. 3.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. DA Davidson assumed coverage on Progress Software in a research report on Thursday, March 28th. They set a "buy" rating and a $65.00 price objective for the company. Oppenheimer reaffirmed an "outperform" rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. Wedbush upped their price objective on Progress Software from $65.00 to $67.00 and gave the stock an "outperform" rating in a research report on Friday, February 23rd. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. dropped their price objective on Progress Software from $65.00 to $63.00 and set an "overweight" rating for the company in a research note on Wednesday, March 27th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $64.60.

Progress Software Trading Up 1.3 %

The business has a fifty day simple moving average of $53.46 and a 200 day simple moving average of $53.74. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 6.63 and a beta of 0.94. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm had revenue of $184.69 million for the quarter, compared to analysts' expectations of $181.91 million. During the same quarter in the prior year, the firm earned $1.01 EPS. Progress Software's quarterly revenue was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Progress Software Co. will post 3.85 EPS for the current year.

Progress Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Friday, May 31st. Progress Software's dividend payout ratio (DPR) is 45.45%.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the business. GHP Investment Advisors Inc. boosted its holdings in shares of Progress Software by 116.4% during the fourth quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker's stock worth $3,319,000 after purchasing an additional 32,871 shares during the last quarter. Boston Trust Walden Corp boosted its holdings in Progress Software by 2.0% in the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker's stock valued at $92,369,000 after acquiring an additional 33,289 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Progress Software by 197.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker's stock valued at $7,213,000 after acquiring an additional 88,175 shares during the last quarter. Deutsche Bank AG boosted its holdings in Progress Software by 8.0% in the third quarter. Deutsche Bank AG now owns 387,313 shares of the software maker's stock valued at $20,365,000 after acquiring an additional 28,798 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Progress Software by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 493,641 shares of the software maker's stock valued at $25,956,000 after acquiring an additional 5,289 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.