Progress Software Co. (NASDAQ:PRGS) Insider Sells $83,881.20 in Stock

Progress Software Co. (NASDAQ:PRGS - Get Free Report) insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Progress Software Price Performance

NASDAQ PRGS traded down $0.03 during trading hours on Friday, reaching $57.19. 519,117 shares of the company's stock were exchanged, compared to its average volume of 901,093. The firm has a fifty day moving average of $63.43 and a 200-day moving average of $62.47. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The stock has a market cap of $2.48 billion, a PE ratio of 36.66, a price-to-earnings-growth ratio of 2.85 and a beta of 0.93. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Institutional Trading of Progress Software

Several large investors have recently made changes to their positions in the business. Assetmark Inc. raised its holdings in shares of Progress Software by 6.6% in the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after buying an additional 204 shares during the last quarter. TD Private Client Wealth LLC raised its stake in shares of Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock worth $126,000 after acquiring an additional 301 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after purchasing an additional 394 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock valued at $75,000 after purchasing an additional 485 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Progress Software by 6.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker's stock valued at $560,000 after purchasing an additional 523 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Oppenheimer upped their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Tuesday, October 22nd. Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. DA Davidson reissued a "buy" rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Finally, StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $72.43.

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.