Progress Software Co. (NASDAQ:PRGS) Insider Ian Pitt Sells 1,747 Shares

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Progress Software Stock Down 0.3 %

Shares of NASDAQ:PRGS opened at $64.90 on Friday. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.89. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a fifty day simple moving average of $61.34 and a two-hundred day simple moving average of $55.67. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 34.71, a PEG ratio of 8.28 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 earnings per share. On average, research analysts anticipate that Progress Software Co. will post 3.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on PRGS. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, DA Davidson upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and an average price target of $67.67.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently bought and sold shares of PRGS. Leuthold Group LLC raised its holdings in shares of Progress Software by 958.1% during the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after purchasing an additional 371,026 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 79.0% during 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 purchasing an additional 312,537 shares during the period. Swedbank AB increased its position in Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after buying an additional 280,195 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after buying an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp lifted its position in shares of Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after buying an additional 192,899 shares in the last quarter.

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.