Insider Selling: Progress Software Co. (NASDAQ:PRGS) CEO Sells 5,000 Shares of Stock

Progress Software Co. (NASDAQ:PRGSGet Rating) CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $43.87, for a total transaction of $219,350.00. Following the transaction, the chief executive officer now directly owns 65,000 shares of the company’s stock, valued at approximately $2,851,550. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Progress Software Stock Down 0.5 %

Shares of NASDAQ PRGS traded down $0.22 on Thursday, hitting $43.00. The company had a trading volume of 293,195 shares, compared to its average volume of 310,391. Progress Software Co. has a 12-month low of $41.68 and a 12-month high of $53.99. The business has a 50 day moving average of $47.03 and a two-hundred day moving average of $46.80. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $1.87 billion, a P/E ratio of 20.10, a PEG ratio of 6.24 and a beta of 1.00.

Progress Software (NASDAQ:PRGSGet Rating) last issued its earnings results on Tuesday, June 28th. The software maker reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.07. Progress Software had a return on equity of 41.13% and a net margin of 16.42%. The company had revenue of $148.70 million during the quarter, compared to the consensus estimate of $146.45 million. During the same quarter in the prior year, the business earned $0.67 earnings per share. The company’s revenue was up 15.1% compared to the same quarter last year. As a group, equities research analysts forecast that Progress Software Co. will post 3.47 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.63%. Progress Software’s dividend payout ratio (DPR) is presently 32.56%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PRGS shares. Guggenheim started coverage on shares of Progress Software in a research note on Friday, August 12th. They set a “buy” rating and a $60.00 price objective for the company. Oppenheimer decreased their price objective on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, June 29th. Wedbush reissued an “outperform” rating on shares of Progress Software in a research note on Wednesday, June 29th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Friday, September 9th. Finally, Jefferies Financial Group began coverage on Progress Software in a report on Friday, September 9th. They issued a “hold” rating and a $52.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $55.40.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently bought and sold shares of the business. GSA Capital Partners LLP grew its stake in Progress Software by 14.4% during the 4th quarter. GSA Capital Partners LLP now owns 8,674 shares of the software maker’s stock valued at $419,000 after purchasing an additional 1,089 shares in the last quarter. Rice Hall James & Associates LLC grew its stake in Progress Software by 38.8% during 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 purchasing an additional 60,103 shares in the last quarter. Systematic Financial Management LP grew its stake in Progress Software by 16.9% during the 4th quarter. Systematic Financial Management LP now owns 344,829 shares of the software maker’s stock valued at $16,645,000 after purchasing an additional 49,865 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in Progress Software during the 1st quarter valued at approximately $6,828,000. Finally, New York State Common Retirement Fund grew its stake in Progress Software by 43.0% in the first quarter. New York State Common Retirement Fund now owns 45,397 shares of the software maker’s stock worth $2,138,000 after purchasing an additional 13,641 shares in the last quarter. Institutional investors and hedge funds own 98.90% of the company’s stock.

Progress Software Company Profile

(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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