Insider Selling: Progress Software Corp (NASDAQ:PRGS) CFO Sells 708 Shares of Stock

Progress Software Corp (NASDAQ:PRGS) CFO Paul A. Jalbert sold 708 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $48.00, for a total value of $33,984.00. Following the completion of the transaction, the chief financial officer now owns 34,896 shares of the company’s stock, valued at $1,675,008. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

NASDAQ:PRGS traded down $0.69 during trading hours on Friday, reaching $47.09. 504,300 shares of the stock were exchanged, compared to its average volume of 531,850. Progress Software Corp has a twelve month low of $34.71 and a twelve month high of $52.50. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.18 and a quick ratio of 1.10. The firm has a 50 day moving average of $43.09 and a 200 day moving average of $40.88. The stock has a market cap of $2.14 billion, a PE ratio of 80.66 and a beta of 0.83.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Thursday, January 16th. The software maker reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.04. Progress Software had a return on equity of 32.03% and a net margin of 6.39%. The firm had revenue of $123.42 million during the quarter, compared to the consensus estimate of $118.30 million. During the same quarter in the prior year, the firm posted $0.76 EPS. The business’s revenue was up 25.6% on a year-over-year basis. Equities research analysts anticipate that Progress Software Corp will post 2.48 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Friday, February 28th. Progress Software’s dividend payout ratio (DPR) is currently 28.82%.

A number of large investors have recently added to or reduced their stakes in the business. Strs Ohio boosted its position in Progress Software by 1.2% during the 4th quarter. Strs Ohio now owns 24,700 shares of the software maker’s stock worth $1,026,000 after acquiring an additional 300 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its position in Progress Software by 27.8% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 9,424 shares of the software maker’s stock worth $392,000 after acquiring an additional 2,048 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Progress Software by 4.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 16,480 shares of the software maker’s stock worth $685,000 after acquiring an additional 760 shares during the last quarter. Alpha Windward LLC acquired a new position in Progress Software during the 4th quarter worth approximately $481,000. Finally, Boston Trust Walden Corp boosted its position in Progress Software by 2.9% during the 4th quarter. Boston Trust Walden Corp now owns 757,562 shares of the software maker’s stock worth $31,477,000 after acquiring an additional 21,456 shares during the last quarter. 91.68% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently issued reports on PRGS shares. Sidoti started coverage on Progress Software in a research report on Tuesday, October 22nd. They issued a “buy” rating and a $53.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $57.00 price objective (up from $49.00) on shares of Progress Software in a research report on Friday, January 17th. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Thursday. ValuEngine lowered Progress Software from a “hold” rating to a “sell” rating in a research report on Saturday, January 18th. Finally, BidaskClub upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.00.

About Progress Software

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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