Progress Software Co. (NASDAQ:PRGS) Insider Sells $113,677.29 in Stock

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Progress Software Trading Up 0.4 %

Shares of Progress Software stock traded up $0.25 on Thursday, hitting $65.12. 297,467 shares of the company traded hands, compared to its average volume of 506,418. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a market cap of $2.79 billion, a PE ratio of 34.82, a PEG ratio of 8.28 and a beta of 0.92. The stock’s 50 day moving average price is $61.01 and its 200-day moving average price is $55.47. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $67.89.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRGS. GHP Investment Advisors Inc. boosted its stake in shares of Progress Software by 12.5% during the third quarter. GHP Investment Advisors Inc. now owns 100,380 shares of the software maker’s stock valued at $6,763,000 after purchasing an additional 11,138 shares in the last quarter. Foundations Investment Advisors LLC bought a new stake in Progress Software during the 3rd quarter valued at $248,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after acquiring an additional 99,479 shares during the period. Inspire Advisors LLC bought a new position in Progress Software in the third quarter worth about $237,000. Finally, Creative Planning lifted its position in Progress Software by 20.1% during the third quarter. Creative Planning now owns 7,774 shares of the software maker’s stock valued at $524,000 after acquiring an additional 1,300 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PRGS shares. Oppenheimer increased their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday. Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Jefferies Financial Group reduced their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.67.

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.