Progress Software (NASDAQ:PRGS) Insider Sells $18,895.80 in Stock

Key Points

• Progress Software insider Ian Pitt sold 409 shares at an average price of $46.20, totaling $18,895.80, which decreased his ownership by 5.26%.
• The company's stock price increased by 0.4% to $46.84, with a current market cap of $2.01 billion and a P/E ratio of 42.58.
• Analyst ratings for Progress Software show a mix of "hold" and "buy" ratings, with a consensus rating of "Moderate Buy" and an average price target of $70.00.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) insider Ian Pitt sold 409 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $46.20, for a total transaction of $18,895.80. Following the sale, the insider directly owned 7,368 shares in the company, valued at $340,401.60. This trade represents a 5.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Progress Software Stock Up 0.4%

NASDAQ PRGS traded up $0.18 during mid-day trading on Tuesday, reaching $46.84. The stock had a trading volume of 1,031,927 shares, compared to its average volume of 822,158. The company has a fifty day moving average price of $44.45 and a 200 day moving average price of $53.27. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. 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 $2.01 billion, a PE ratio of 42.58, a price-to-earnings-growth ratio of 2.11 and a beta of 0.67.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of Progress Software in a research note on Saturday, September 27th. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $50.00 and set a "hold" rating on the stock in a report on Tuesday, September 30th. Wedbush reissued an "outperform" rating and set a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. DA Davidson restated a "buy" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Finally, Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Progress Software presently has a consensus rating of "Moderate Buy" and an average price target of $70.00.

Institutional Trading of Progress Software

Several institutional investors and hedge funds have recently modified their holdings of PRGS. QRG Capital Management Inc. grew its stake in shares of Progress Software by 1.8% in the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after buying an additional 187 shares in the last quarter. Mountain Pacific Investment Advisers LLC increased its stake in Progress Software by 66.6% during the second quarter. Mountain Pacific Investment Advisers LLC now owns 227,626 shares of the software maker's stock worth $14,532,000 after acquiring an additional 91,003 shares during the last quarter. LPL Financial LLC raised its position in Progress Software by 1,161.5% during the first quarter. LPL Financial LLC now owns 48,112 shares of the software maker's stock valued at $2,478,000 after purchasing an additional 44,298 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Progress Software by 9.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker's stock valued at $433,000 after purchasing an additional 694 shares during the last quarter. Finally, Natixis Advisors LLC bought a new stake in shares of Progress Software in the 1st quarter valued at approximately $693,000.

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.

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