Progress Software (NASDAQ:PRGS) Hits New 12-Month Low Following Insider Selling

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) reached a new 52-week low during mid-day trading on Thursday following insider selling activity. The company traded as low as $50.27 and last traded at $50.56, with a volume of 216066 shares changing hands. The stock had previously closed at $51.52.

Specifically, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at $2,307,320.23. The trade was a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

PRGS has been the topic of a number of research analyst reports. Citigroup reiterated a "neutral" rating on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Wedbush restated an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.17.

Progress Software Stock Down 2.0%

The stock's fifty day moving average is $60.80 and its two-hundred day moving average is $58.85. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The firm has a market cap of $2.14 billion, a P/E ratio of 37.88, a price-to-earnings-growth ratio of 2.35 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. The business had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. Progress Software's revenue was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 EPS. As a group, research analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current year.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. boosted its stake in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. Orion Capital Management LLC purchased a new stake in Progress Software during the 4th quarter valued at $33,000. Advisors Asset Management Inc. boosted its position in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after buying an additional 604 shares during the period. Nisa Investment Advisors LLC boosted its position in Progress Software by 25.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after buying an additional 326 shares during the period. Finally, Parisi Gray Wealth Management purchased a new stake in Progress Software during the 2nd quarter valued at $204,000.

About Progress Software

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.