Insider Selling: Progress Software Co. (NASDAQ:PRGS) CFO Sells $525,439.83 in Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Progress Software Trading Down 0.6 %

Shares of PRGS stock opened at $65.91 on Monday. The firm’s 50-day simple moving average is $60.46 and its 200-day simple moving average is $55.18. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $67.89. The firm has a market cap of $2.82 billion, a P/E ratio of 40.19, a PEG ratio of 8.38 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. Progress Software’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 earnings per share. As a group, equities analysts forecast that Progress Software Co. will post 3.95 EPS for the current year.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Progress Software by 11.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after buying an additional 99,479 shares during the period. Inspire Advisors LLC acquired a new position in Progress Software during the 3rd quarter worth approximately $237,000. Creative Planning boosted its holdings in Progress Software by 20.1% in the 3rd quarter. Creative Planning now owns 7,774 shares of the software maker’s stock worth $524,000 after acquiring an additional 1,300 shares during the period. Exchange Traded Concepts LLC grew its position in Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after acquiring an additional 559 shares in the last quarter. Finally, Parisi Gray Wealth Management purchased a new stake in shares of Progress Software during the third quarter valued at approximately $216,000.

Wall Street Analyst Weigh In

Several research firms recently commented on PRGS. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Monday, October 14th. DA Davidson increased their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush restated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Oppenheimer increased their target price on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Progress Software currently has an average rating of “Buy” and an average price target of $66.00.

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.