Insider Selling: Progress Software Co. (NASDAQ:PRGS) EVP Sells 584 Shares of Stock

Progress Software Co. (NASDAQ:PRGS) EVP Sundar Subramanian sold 584 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value of $29,135.76. Following the transaction, the executive vice president now directly owns 17,195 shares of the company’s stock, valued at approximately $857,858.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Sundar Subramanian also recently made the following trade(s):

• On Friday, March 1st, Sundar Subramanian sold 5,799 shares of Progress Software stock. The stock was sold at an average price of $52.58, for a total transaction of $304,911.42.
• On Friday, February 9th, Sundar Subramanian sold 2,475 shares of Progress Software stock. The shares were sold at an average price of $57.38, for a total transaction of $142,015.50.

Progress Software Stock Up 0.1 %

Progress Software stock opened at $50.51 on Friday. Progress Software Co. has a 12 month low of $49.00 and a 12 month high of $62.34. The stock has a fifty day simple moving average of $52.16 and a two-hundred day simple moving average of $53.56. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 32.80, a PEG ratio of 6.56 and a beta of 0.95.

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

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is presently 45.45%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. DA Davidson began coverage on shares of Progress Software in a research note on Thursday, March 28th. They set a “buy” rating and a $65.00 target price for the company. Wedbush boosted their target price on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price target 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, Oppenheimer reissued an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $64.60.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after acquiring an additional 37,487 shares during the period. Boston Trust Walden Corp grew its stake in shares of Progress Software by 2.0% during the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after purchasing an additional 33,289 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Progress Software by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after purchasing an additional 23,097 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Progress Software by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after purchasing an additional 6,166 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after buying an additional 312,537 shares during 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.