Progress Software (NASDAQ:PRGS) Sets New 12-Month Low on Insider Selling

Progress Software Co. (NASDAQ:PRGS) reached a new 52-week low during trading on Tuesday after an insider sold shares in the company. The company traded as low as $49.00 and last traded at $50.10, with a volume of 30059 shares trading hands. The stock had previously closed at $50.06.

Specifically, Director David Krall sold 20,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the sale, the director now owns 86,641 shares in the company, valued at $4,418,691. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Progress Software news, Director David Krall sold 20,000 shares of Progress Software stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the sale, the director now owns 86,641 shares in the company, valued at approximately $4,418,691. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sundar Subramanian sold 5,799 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the completion of the sale, the executive vice president now owns 15,399 shares of the company’s stock, valued at $809,679.42. The disclosure for this sale can be found here. In the last three months, insiders sold 101,248 shares of company stock valued at $5,632,902. Company insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of research analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. Wedbush upped their price target on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. DA Davidson started coverage on shares of Progress Software in a report on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $64.60.

Progress Software Price Performance

The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. The company’s fifty day moving average price is $53.60 and its 200 day moving average price is $53.76. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 6.63 and a beta of 0.94.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. Equities research analysts expect that Progress Software Co. will post 3.85 earnings per share for the current year.

Progress Software Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a dividend of $0.175 per share. The ex-dividend date is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.40%. Progress Software’s dividend payout ratio is presently 45.45%.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates boosted its stake in Progress Software by 23.6% during the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after buying an additional 9,590 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Progress Software by 19.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after purchasing an additional 1,108 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Progress Software by 57.1% in the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 8,470 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Progress Software by 7.3% in the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock worth $5,269,000 after purchasing an additional 7,594 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Progress Software by 14.9% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 4,951 shares during the last quarter.

Progress Software Company Profile

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.