Progress Software (NASDAQ:PRGS) Sets New 12-Month Low on Insider Selling

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) shares hit a new 52-week low 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 firm's stock in a transaction dated Tuesday, July 8th. The stock was 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 trade represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

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

Progress Software Trading Down 2.1%

The firm's 50 day moving average price is $61.03 and its 200-day moving average price is $59.06. 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 cap of $2.14 billion, a P/E ratio of 37.86, 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. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. During the same period in the previous year, the company earned $1.09 earnings per share. The firm's quarterly revenue was up 35.6% on a year-over-year basis. As a group, equities research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently modified their holdings of PRGS. Bessemer Group Inc. raised its position in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after buying an additional 296 shares in the last quarter. Orion Capital Management LLC purchased a new stake in Progress Software during the fourth quarter valued at approximately $33,000. Advisors Asset Management Inc. lifted its stake in shares of Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after purchasing an additional 604 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Progress Software by 25.0% in the 1st 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. Finally, Parisi Gray Wealth Management bought a new position in shares of Progress Software during the 2nd quarter valued at approximately $204,000.

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.