Progress Software Co. (NASDAQ:PRGS) CFO Sells $525,439.83 in Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $65.91 on Friday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 8.38 and a beta of 0.92. The stock’s 50-day moving average is $60.46 and its two-hundred day moving average is $55.16. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $67.89.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the prior year, the firm earned $0.90 earnings per share. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Analysts forecast that Progress Software Co. will post 3.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on PRGS. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer upped their price target on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 14th. Finally, Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $66.00.

Hedge Funds Weigh In On Progress Software

Institutional investors and hedge funds have recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software during the 2nd quarter worth about $27,000. GAMMA Investing LLC boosted its stake in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC increased its position in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software in the 2nd quarter valued at about $160,000.

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.