Stock Traders Purchase High Volume of Progress Software Put Options (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS - Get Free Report) was the target of some unusual options trading on Friday. Investors bought 18,072 put options on the stock. This represents an increase of 9,996% compared to the average volume of 179 put options.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded up $0.57 during mid-day trading on Monday, hitting $55.00. The company had a trading volume of 764,314 shares, compared to its average volume of 528,145. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The business's 50-day simple moving average is $56.97 and its 200-day simple moving average is $62.24. The firm has a market cap of $2.39 billion, a P/E ratio of 35.26, a PEG ratio of 2.82 and a beta of 0.88.

Analysts Set New Price Targets

Several analysts have recently issued reports on PRGS shares. StockNews.com cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 23rd. Jefferies Financial Group boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, January 6th. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Guggenheim reaffirmed a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Finally, 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.43.

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Insider Activity

In other Progress Software news, CAO Domenic Lococo sold 1,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This represents a 18.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the business's stock in a transaction on 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 directly owns 7,613 shares of the company's stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Large investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its stake in Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after acquiring an additional 296 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of Progress Software in the 4th quarter valued at $33,000. Smartleaf Asset Management LLC grew its stake in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after purchasing an additional 688 shares during the period. GAMMA Investing LLC increased its stake in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock valued at $113,000 after acquiring an additional 619 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in shares of Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after acquiring an additional 301 shares in the last quarter.

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.