Ian Pitt Sells 1,482 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,482 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Progress Software Stock Up 1.2 %

Progress Software stock traded up $0.66 during trading on Tuesday, reaching $57.33. The stock had a trading volume of 687,147 shares, compared to its average volume of 839,665. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56. The business has a 50 day moving average price of $64.31 and a 200 day moving average price of $62.48. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.49 billion, a PE ratio of 36.75, a P/E/G ratio of 2.86 and a beta of 0.93.

Institutional Trading of Progress Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares in the last quarter. Blue Trust Inc. raised its holdings in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after purchasing an additional 394 shares in the last quarter. KBC Group NV raised its holdings in Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after purchasing an additional 719 shares in the last quarter. Finally, Prudent Man Advisors LLC acquired a new stake in Progress Software during the third quarter worth approximately $201,000.

Analysts Set New Price Targets

PRGS has been the subject of a number of recent research reports. Citigroup increased their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Oppenheimer raised their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. Finally, Jefferies Financial Group lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

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.