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

Progress Software Corporation (NASDAQ:PRGS - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday after an insider sold shares in the company. The stock 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 stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the sale, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. This represents 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 this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wedbush restated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim restated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, DA Davidson upped their target price on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.17.

Progress Software Stock Down 2.0%

The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 37.88, a price-to-earnings-growth ratio of 2.35 and a beta of 0.68. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The stock's 50 day moving average is $60.80 and its 200 day moving average is $58.95.

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 for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm's revenue for the quarter was up 35.6% compared to the same quarter last year. During the same period last year, the firm posted $1.09 earnings per share. Analysts forecast that Progress Software Corporation will post 4.01 EPS for the current year.

Institutional Trading of Progress Software

A number of large investors have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its position in shares of Progress Software by 4.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 33,888 shares of the software maker's stock valued at $2,163,000 after acquiring an additional 1,389 shares in the last quarter. Chesley Taft & Associates LLC purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $227,000. Harbor Capital Advisors Inc. lifted its position in shares of Progress Software by 14.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,759 shares of the software maker's stock valued at $751,000 after acquiring an additional 1,473 shares in the last quarter. Parisi Gray Wealth Management purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $204,000. Finally, Swedbank AB lifted its position in shares of Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker's stock valued at $37,538,000 after acquiring an additional 289,122 shares in the last quarter.

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.