Progress Software Target of Unusually High Options Trading (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) was the target of unusually large options trading on Friday. Stock investors acquired 18,072 put options on the company. This represents an increase of approximately 9,996% compared to the typical daily volume of 179 put options.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PRGS shares. Guggenheim reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Citigroup increased their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Jefferies Financial Group boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Price Performance

NASDAQ:PRGS opened at $54.43 on Friday. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50 day moving average price of $56.97 and a 200-day moving average price of $62.21. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 34.89, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,482 shares of company stock worth $984,621. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several institutional investors have recently made changes to their positions in PRGS. Vanguard Group Inc. raised its position in shares of Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after buying an additional 45,246 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock worth $66,039,000 after purchasing an additional 4,927 shares during the period. Finally, Invesco Ltd. increased its position in Progress Software by 0.7% during the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock worth $52,284,000 after purchasing an additional 5,474 shares in 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.