Progress Software (NASDAQ:PRGS) CFO Anthony Folger Sells 5,474 Shares

Key Points

• Progress Software CFO Anthony Folger sold 5,474 shares of the company's stock for $254,376.78, reducing his ownership by 11.40% to 42,559 shares valued at approximately $1.98 million.
• The company's quarterly earnings report showed an EPS of $1.40, surpassing estimates and demonstrating a revenue increase of 35.6% year-over-year.
• Analysts maintain a consensus rating of "Moderate Buy" for Progress Software, with an average target price of $70.00 per share amidst varying ratings from multiple research firms.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) CFO Anthony Folger sold 5,474 shares of the stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $46.47, for a total transaction of $254,376.78. Following the completion of the sale, the chief financial officer directly owned 42,559 shares of the company's stock, valued at approximately $1,977,716.73. This trade represents a 11.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Anthony Folger also recently made the following trade(s):

• On Tuesday, July 8th, Anthony Folger sold 5,529 shares of Progress Software stock. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13.

Progress Software Stock Performance

Shares of PRGS traded down $0.15 during trading hours on Friday, reaching $46.17. 1,352,277 shares of the company traded hands, compared to its average volume of 820,612. 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 stock's fifty day moving average is $44.60 and its 200 day moving average is $53.41. Progress Software Corporation has a 1-year low of $40.29 and a 1-year high of $70.56. The stock has a market cap of $1.98 billion, a P/E ratio of 41.97, a price-to-earnings-growth ratio of 2.06 and a beta of 0.67.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued 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 firm had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The company's quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 earnings per share. Equities research analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PRGS shares. Weiss Ratings restated a "hold (c-)" rating on shares of Progress Software in a research note on Saturday, September 27th. Wedbush reissued an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. DA Davidson reiterated a "buy" rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday. Finally, Citigroup dropped their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and an average target price of $70.00.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Avantax Advisory Services Inc. raised its position in Progress Software by 3.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker's stock worth $329,000 after purchasing an additional 185 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after acquiring an additional 187 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Progress Software by 0.7% during the second quarter. Russell Investments Group Ltd. now owns 37,067 shares of the software maker's stock valued at $2,366,000 after acquiring an additional 241 shares during the period. F m Investments LLC boosted its holdings in Progress Software by 0.5% in the second quarter. F m Investments LLC now owns 54,408 shares of the software maker's stock valued at $3,473,000 after acquiring an additional 271 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after purchasing an additional 326 shares during the period.

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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