Progress Software Co. (NASDAQ:PRGS) Insider Ian Pitt Sells 703 Shares of Stock

Progress Software Co. (NASDAQ:PRGS - Get Free Report) insider Ian Pitt sold 703 shares of the business's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the sale, the insider now owns 8,317 shares in the company, valued at approximately $468,163.93. This trade represents a 7.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Ian Pitt also recently made the following trade(s):

• On Monday, February 3rd, Ian Pitt sold 1,482 shares of Progress Software stock. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20.

Progress Software Stock Performance

Shares of PRGS stock traded up $0.86 during midday trading on Friday, hitting $57.70. 552,751 shares of the company were exchanged, compared to its average volume of 555,142. Progress Software Co. has a 52 week low of $48.00 and a 52 week high of $70.56. The firm has a market capitalization of $2.48 billion, a P/E ratio of 36.99, a PEG ratio of 2.82 and a beta of 0.85. The firm's 50 day moving average price is $55.89 and its two-hundred day moving average price is $61.92. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. The company had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business's revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. As a group, equities research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in Progress Software by 1.8% in the 1st quarter. Rhumbline Advisers now owns 121,063 shares of the software maker's stock valued at $6,236,000 after acquiring an additional 2,193 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Progress Software by 2,620.9% during the first quarter. GAMMA Investing LLC now owns 47,235 shares of the software maker's stock worth $2,433,000 after purchasing an additional 45,499 shares during the last quarter. Moody National Bank Trust Division increased its position in Progress Software by 17.7% in the 1st quarter. Moody National Bank Trust Division now owns 22,240 shares of the software maker's stock valued at $1,146,000 after acquiring an additional 3,341 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Progress Software during the fourth quarter valued at $7,966,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Progress Software by 22.2% during the fourth quarter. Mackenzie Financial Corp now owns 36,562 shares of the software maker's stock worth $2,382,000 after purchasing an additional 6,640 shares during the period.

Analysts Set New Price Targets

Several analysts recently issued reports on PRGS shares. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Citigroup upped their price objective on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note 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 reaffirmed a "buy" rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Finally, Jefferies Financial Group lifted their price objective 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 analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.17.

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.