Insider Selling: Progress Software Co. (NASDAQ:PRGS) Insider Sells $39,471.93 in Stock

Progress Software Co. (NASDAQ:PRGS) insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $50.82 on Friday. The business’s 50-day moving average price is $51.83 and its two-hundred day moving average price is $53.53. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. Progress Software Co. has a one year low of $49.00 and a one year high of $62.34. The company has a market capitalization of $2.20 billion, a P/E ratio of 33.00, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95.

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

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.38%. Progress Software’s dividend payout ratio is currently 45.45%.

Institutional Trading of Progress Software

A number of institutional investors and hedge funds have recently made changes to their positions in PRGS. Robeco Institutional Asset Management B.V. lifted its position in shares of Progress Software by 207.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 79,895 shares of the software maker’s stock worth $4,201,000 after buying an additional 53,919 shares during the last quarter. Raymond James & Associates lifted its position in shares of Progress Software by 1.9% in the third quarter. Raymond James & Associates now owns 54,613 shares of the software maker’s stock worth $2,872,000 after buying an additional 1,024 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Progress Software by 13.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,292 shares of the software maker’s stock worth $699,000 after buying an additional 1,616 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Progress Software in the third quarter worth about $675,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Progress Software by 14.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,279 shares of the software maker’s stock worth $1,119,000 after buying an additional 2,621 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PRGS shares. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a 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 target on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. Wedbush boosted their target price on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $64.60.

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.