Progress Software Co. (NASDAQ:PRGS) Insider Sells 1,428 Shares

Progress Software Co. (NASDAQ:PRGS - Get Free Report) insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Progress Software Trading Up 0.1 %

Shares of PRGS traded up $0.07 during midday trading on Monday, hitting $59.18. The stock had a trading volume of 272,317 shares, compared to its average volume of 557,059. The stock's 50 day moving average is $55.81 and its 200 day moving average is $61.27. The firm has a market cap of $2.55 billion, a PE ratio of 37.94, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same quarter in the previous year, the business earned $1.25 earnings per share. The company's revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, analysts forecast that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. increased its stake in Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after buying an additional 1,140,626 shares during the period. Vanguard Group Inc. increased its stake in shares of Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after buying an additional 45,246 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock valued at $70,418,000 after acquiring an additional 43,936 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Progress Software by 22.7% in the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock valued at $4,297,000 after acquiring an additional 12,191 shares in the last quarter. Finally, Amundi lifted its stake in Progress Software by 110.5% in the fourth quarter. Amundi now owns 25,117 shares of the software maker's stock worth $1,594,000 after acquiring an additional 13,187 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. DA Davidson reduced their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush reiterated an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st. Guggenheim restated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Finally, Citigroup raised their price objective on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Two 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 $74.33.

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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