Progress Software Co. (NASDAQ:PRGS) Insider Ian Pitt Sells 584 Shares

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 584 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $54.94 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.35 billion, a P/E ratio of 33.50, a PEG ratio of 6.86 and a beta of 0.93. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $62.34. The company has a 50-day moving average price of $51.27 and a 200 day moving average price of $52.96.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.27%. Progress Software’s payout ratio is 42.68%.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kendall Capital Management lifted its position in shares of Progress Software by 1.4% during the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock valued at $758,000 after acquiring an additional 195 shares during the period. Blue Trust Inc. raised its position in shares of Progress Software by 24.1% during the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after purchasing an additional 239 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Progress Software by 1.2% during the 4th quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock worth $1,374,000 after purchasing an additional 302 shares during the last quarter. US Bancorp DE raised its position in shares of Progress Software by 2.2% during the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock worth $1,016,000 after purchasing an additional 404 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new position in shares of Progress Software during the 4th quarter worth approximately $28,000.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. DA Davidson reissued a “buy” rating and set a $65.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Guggenheim reissued a “buy” rating and set a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Finally, Oppenheimer reissued an “outperform” rating and set a $66.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.14.

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.