Ian Pitt Sells 1,747 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Progress Software Price Performance

Shares of Progress Software stock traded up $0.25 during trading hours on Thursday, hitting $65.12. The company’s stock had a trading volume of 297,467 shares, compared to its average volume of 506,418. The company has a market cap of $2.79 billion, a PE ratio of 34.82, a PEG ratio of 8.28 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The business has a 50 day moving average price of $61.01 and a two-hundred day moving average price of $55.47. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.89.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS 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 analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 EPS. Analysts expect that Progress Software Co. will post 3.95 earnings per share for the current fiscal year.

Institutional Trading of Progress Software

A number of institutional investors and hedge funds have recently bought and sold shares of PRGS. GHP Investment Advisors Inc. increased its holdings in shares of Progress Software by 12.5% in the third quarter. GHP Investment Advisors Inc. now owns 100,380 shares of the software maker’s stock worth $6,763,000 after purchasing an additional 11,138 shares during the last quarter. Foundations Investment Advisors LLC bought a new stake in Progress Software in the 3rd quarter worth approximately $248,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 11.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after acquiring an additional 99,479 shares in the last quarter. Inspire Advisors LLC bought a new position in shares of Progress Software during the 3rd quarter valued at approximately $237,000. Finally, Creative Planning grew its holdings in shares of Progress Software by 20.1% in the third quarter. Creative Planning now owns 7,774 shares of the software maker’s stock valued at $524,000 after purchasing an additional 1,300 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages recently commented on PRGS. DA Davidson lifted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer raised their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday. Jefferies Financial Group decreased their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Finally, Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.67.

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.