Progress Software Corporation (NASDAQ:PRGS) Director Acquires $250,612.50 in Stock

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) Director David Krall acquired 5,125 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was purchased at an average price of $48.90 per share, with a total value of $250,612.50. Following the completion of the acquisition, the director directly owned 100,090 shares of the company's stock, valued at $4,894,401. This represents a 5.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Progress Software Price Performance

NASDAQ PRGS traded down $1.32 during mid-day trading on Monday, hitting $49.49. The stock had a trading volume of 806,257 shares, compared to its average volume of 774,095. The firm's 50 day moving average is $58.22 and its 200 day moving average is $57.74. Progress Software Corporation has a twelve month low of $47.42 and a twelve month high of $70.56. 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 has a market capitalization of $2.13 billion, a price-to-earnings ratio of 37.78, a PEG ratio of 2.40 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) 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 business 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 company earned $1.09 EPS. The company's revenue for the quarter was up 35.6% on a year-over-year basis. Equities research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Institutional Trading of Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC increased its position in shares of Progress Software by 24.8% during the 4th quarter. HighTower Advisors LLC now owns 13,249 shares of the software maker's stock worth $863,000 after purchasing an additional 2,631 shares during the last quarter. Cibc World Markets Corp acquired a new stake in shares of Progress Software during the 4th quarter worth about $259,000. Teacher Retirement System of Texas increased its position in shares of Progress Software by 108.9% during the 4th quarter. Teacher Retirement System of Texas now owns 47,267 shares of the software maker's stock worth $3,079,000 after purchasing an additional 24,639 shares during the last quarter. Sei Investments Co. increased its position in shares of Progress Software by 22.7% during the 4th quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock worth $4,297,000 after purchasing an additional 12,191 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Progress Software during the 4th quarter valued at about $6,235,000.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. DA Davidson lifted their target price on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 1st. Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Guggenheim restated a "buy" rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup cut their price target 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $73.33.

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.