Insider Selling: Progress Software Co. (NASDAQ:PRGS) Director Sells $1,020,000.00 in Stock

Progress Software Co. (NASDAQ:PRGS) Director David Krall sold 20,000 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Progress Software Stock Performance

Progress Software stock opened at $50.59 on Thursday. The company’s 50-day moving average price is $53.34 and its 200-day moving average price is $53.72. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. The company has a market cap of $2.22 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 6.51 and a beta of 0.94. Progress Software Co. has a twelve month low of $49.00 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.11. The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. On average, equities research analysts forecast that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.38%. Progress Software’s dividend payout ratio is presently 45.45%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GHP Investment Advisors Inc. lifted its holdings in shares of Progress Software by 116.4% in the 4th quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after acquiring an additional 32,871 shares during the last quarter. Boston Trust Walden Corp lifted its stake in Progress Software by 2.0% in the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after purchasing an additional 33,289 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Progress Software by 197.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after buying an additional 88,175 shares during the period. Deutsche Bank AG grew its stake in shares of Progress Software by 8.0% during the third quarter. Deutsche Bank AG now owns 387,313 shares of the software maker’s stock valued at $20,365,000 after buying an additional 28,798 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new stake in shares of Progress Software in the third quarter worth approximately $2,473,000.

Analyst Ratings Changes

PRGS has been the topic of several recent analyst reports. DA Davidson initiated coverage on shares of Progress Software in a research report on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, March 27th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. cut their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. Finally, Wedbush increased their price target on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progress Software currently has an average rating of “Buy” and a consensus price target of $64.60.

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.