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

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) shares reached a new 52-week low 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 trading hands. The stock had previously closed at $51.52.

Specifically, CFO Anthony Folger sold 5,529 shares of Progress Software stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the transaction, the chief financial officer directly owned 43,559 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRGS. Wedbush reiterated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup reiterated a "neutral" rating on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. DA Davidson lifted their target price on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Finally, Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $75.17.

Progress Software Price Performance

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 firm has a fifty day moving average of $61.03 and a two-hundred day moving average of $59.06. The stock has a market capitalization of $2.18 billion, a P/E ratio of 38.66, a P/E/G ratio of 2.44 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.10. The firm had revenue of $237.36 million during the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The firm's quarterly revenue was up 35.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 earnings per share. On average, analysts predict that Progress Software Corporation will post 4.01 EPS for the current year.

Hedge Funds Weigh In On Progress Software

A number of large investors have recently added to or reduced their stakes in PRGS. Charles Schwab Investment Management Inc. raised its holdings in Progress Software by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker's stock worth $32,041,000 after purchasing an additional 12,855 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Progress Software by 34.8% during the fourth quarter. Victory Capital Management Inc. now owns 150,439 shares of the software maker's stock worth $9,801,000 after acquiring an additional 38,799 shares during the last quarter. Assetmark Inc. grew its stake in shares of Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock worth $215,000 after acquiring an additional 204 shares during the last quarter. Atria Investments Inc grew its stake in shares of Progress Software by 34.4% during the fourth quarter. Atria Investments Inc now owns 7,954 shares of the software maker's stock worth $518,000 after acquiring an additional 2,034 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Progress Software during the fourth quarter worth about $15,432,000.

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.