Yogesh K. Gupta Sells 5,000 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGSGet Rating) CEO Yogesh K. Gupta sold 5,000 shares of the business’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $47.28, for a total transaction of $236,400.00. Following the completion of the sale, the chief executive officer now directly owns 80,000 shares of the company’s stock, valued at approximately $3,782,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

PRGS stock traded up $0.71 during trading on Thursday, reaching $48.05. 235,702 shares of the company were exchanged, compared to its average volume of 322,561. The company has a 50-day moving average of $47.83 and a two-hundred day moving average of $46.44. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 26.84, a P/E/G ratio of 6.88 and a beta of 1.07. Progress Software Co. has a twelve month low of $41.68 and a twelve month high of $53.99. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.21 and a quick ratio of 1.21.

Progress Software (NASDAQ:PRGSGet Rating) last released its quarterly earnings data on Tuesday, March 29th. The software maker reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.13. The business had revenue of $147.51 million during the quarter, compared to analysts’ expectations of $139.24 million. Progress Software had a net margin of 14.40% and a return on equity of 39.08%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 EPS. On average, analysts forecast that Progress Software Co. will post 3.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Tuesday, May 31st. Progress Software’s dividend payout ratio is 39.11%.

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in Progress Software by 5.4% in the 1st quarter. Bank of America Corp DE now owns 336,788 shares of the software maker’s stock valued at $15,858,000 after acquiring an additional 17,192 shares during the period. Rice Hall James & Associates LLC increased its position in Progress Software by 38.8% in the 1st quarter. Rice Hall James & Associates LLC now owns 214,875 shares of the software maker’s stock valued at $10,118,000 after acquiring an additional 60,103 shares during the period. Paradigm Capital Management Inc. NY increased its position in Progress Software by 3.2% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 79,500 shares of the software maker’s stock valued at $3,744,000 after acquiring an additional 2,500 shares during the period. The Manufacturers Life Insurance Company increased its position in Progress Software by 6.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 518,754 shares of the software maker’s stock valued at $24,428,000 after acquiring an additional 33,631 shares during the period. Finally, Van Hulzen Asset Management LLC boosted its stake in shares of Progress Software by 14.1% in the 1st quarter. Van Hulzen Asset Management LLC now owns 8,269 shares of the software maker’s stock valued at $389,000 after purchasing an additional 1,019 shares during the last quarter. Institutional investors and hedge funds own 99.46% of the company’s stock.

PRGS has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Progress Software from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, March 30th. StockNews.com initiated coverage on shares of Progress Software in a report on Thursday, March 31st. They set a “strong-buy” rating for the company.

About Progress Software (Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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