Progress Software Co. (NASDAQ:PRGS) Insider Kathryn Kulikoski Sells 2,918 Shares

Progress Software Co. (NASDAQ:PRGS) insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the sale, the insider now directly owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Progress Software Stock Down 0.7 %

Progress Software stock opened at $54.43 on Thursday. The business’s 50-day simple moving average is $50.78 and its two-hundred day simple moving average is $52.98. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a market cap of $2.35 billion, a PE ratio of 33.19, a PEG ratio of 7.05 and a beta of 0.93. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $62.34.

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.29%. Progress Software’s dividend payout ratio is currently 42.68%.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after acquiring an additional 312,537 shares during the last quarter. Norges Bank purchased a new stake in Progress Software in the fourth quarter valued at $15,701,000. Swedbank AB acquired a new stake in Progress Software during the 1st quarter worth about $10,356,000. Vanguard Group Inc. raised its stake in shares of Progress Software by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,496,755 shares of the software maker’s stock valued at $289,019,000 after buying an additional 123,157 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Progress Software by 197.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after buying an additional 88,175 shares during the period.

Analyst Ratings Changes

Several research firms recently commented on PRGS. Oppenheimer reiterated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. DA Davidson reaffirmed a “buy” rating and set a $65.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. dropped their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. Finally, Guggenheim reiterated a “buy” rating and issued a $64.00 price target on shares of Progress Software in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and an average target price of $63.14.

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.