Insider Selling: Progress Software Co. (NASDAQ:PRGS) CEO Sells $256,600.00 in Stock

Progress Software Co. (NASDAQ:PRGSGet Rating) CEO Yogesh K. Gupta sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $51.32, for a total value of $256,600.00. Following the completion of the sale, the chief executive officer now directly owns 45,000 shares in the company, valued at approximately $2,309,400. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $52.85 on Friday. Progress Software Co. has a 1-year low of $40.33 and a 1-year high of $53.14. The firm has a market capitalization of $2.27 billion, a PE ratio of 27.10, a PEG ratio of 7.64 and a beta of 1.05. The business’s 50 day moving average is $47.49 and its 200-day moving average is $47.35. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.67.

Progress Software (NASDAQ:PRGSGet Rating) last announced its quarterly earnings data on Tuesday, September 27th. The software maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.03. Progress Software had a return on equity of 39.31% and a net margin of 14.75%. The company had revenue of $153.06 million for the quarter, compared to analyst estimates of $148.10 million. During the same quarter last year, the firm earned $1.06 EPS. Progress Software’s revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts predict that Progress Software Co. will post 3.46 earnings per share for the current year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.32%. Progress Software’s dividend payout ratio (DPR) is presently 35.90%.

Analysts Set New Price Targets

A number of analysts have issued reports on PRGS shares. Guggenheim started coverage on Progress Software in a report on Friday, August 12th. They issued a “buy” rating and a $60.00 target price on the stock. Citigroup lowered their target price on Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. Jefferies Financial Group started coverage on Progress Software in a report on Friday, September 9th. They issued a “hold” rating and a $52.00 target price on the stock. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 3rd. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Progress Software has an average rating of “Moderate Buy” and a consensus price target of $52.75.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of the stock. D.A. Davidson & CO. lifted its position in shares of Progress Software by 0.7% during the 1st quarter. D.A. Davidson & CO. now owns 33,996 shares of the software maker’s stock worth $1,601,000 after buying an additional 231 shares during the period. Martingale Asset Management L P lifted its position in shares of Progress Software by 0.6% during the 3rd quarter. Martingale Asset Management L P now owns 40,193 shares of the software maker’s stock worth $1,711,000 after buying an additional 250 shares during the period. Yousif Capital Management LLC lifted its position in shares of Progress Software by 0.6% during the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock worth $1,895,000 after buying an additional 250 shares during the period. Prudent Man Advisors LLC lifted its position in shares of Progress Software by 5.5% during the 1st quarter. Prudent Man Advisors LLC now owns 4,793 shares of the software maker’s stock worth $226,000 after buying an additional 252 shares during the period. Finally, Van Hulzen Asset Management LLC lifted its position in shares of Progress Software by 3.2% during the 3rd quarter. Van Hulzen Asset Management LLC now owns 8,650 shares of the software maker’s stock worth $368,000 after buying an additional 267 shares during the period. Institutional investors own 98.90% of the company’s stock.

Progress Software Company Profile

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

Further Reading

Insider Buying and Selling by Quarter for Progress Software (NASDAQ:PRGS)

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.