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

Progress Software Co. (NASDAQ:PRGS - Get Free Report) CFO Anthony Folger sold 7,797 shares of Progress Software 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 sale, the chief financial officer now directly owns 33,774 shares in the company, 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 SEC, which is available at this link.

Progress Software Trading Down 0.6 %

Shares of PRGS stock traded down $0.42 on Friday, reaching $65.91. 274,266 shares of the stock were exchanged, compared to its average volume of 509,543. 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 one year low of $48.00 and a one year high of $67.89. The stock has a market cap of $2.83 billion, a PE ratio of 35.25, a P/E/G ratio of 8.38 and a beta of 0.92. The stock has a 50 day moving average price of $60.46 and a 200 day moving average price of $55.16.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during 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 company's quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 EPS. Equities research analysts forecast that Progress Software Co. will post 3.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Progress Software

Several large investors have recently bought and sold shares of PRGS. Vanguard Group Inc. lifted its holdings in Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker's stock valued at $300,509,000 after buying an additional 37,487 shares during the period. BTC Capital Management Inc. acquired a new position in Progress Software in the first quarter valued at approximately $445,000. Allspring Global Investments Holdings LLC lifted its holdings in Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker's stock valued at $37,761,000 after buying an additional 312,537 shares during the period. Principal Financial Group Inc. lifted its holdings in Progress Software by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker's stock valued at $55,049,000 after buying an additional 6,166 shares during the period. Finally, FORA Capital LLC lifted its holdings in Progress Software by 188.7% in the first quarter. FORA Capital LLC now owns 22,263 shares of the software maker's stock valued at $1,187,000 after buying an additional 14,551 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRGS. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $55.00 and set a "hold" rating on the stock in a report on Wednesday, June 26th. Oppenheimer lifted their target price on shares of Progress Software from $66.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, September 25th. DA Davidson lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Guggenheim lifted their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Finally, Wedbush reiterated an "outperform" rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Progress Software presently has a consensus rating of "Buy" and an average price target of $66.00.

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.

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