Progress Software (NASDAQ:PRGS) Insider Ian Pitt Sells 409 Shares of Stock

Progress Software Corporation (NASDAQ:PRGS) insider Ian Pitt sold 409 shares of Progress Software stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $46.20, for a total value of $18,895.80. Following the completion of the sale, the insider directly owned 7,368 shares in the company, valued at approximately $340,401.60. The trade was a 5.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Progress Software Stock Performance

NASDAQ:PRGS opened at $46.84 on Wednesday. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. Progress Software Corporation has a 1 year low of $40.29 and a 1 year high of $70.56. The stock’s 50 day simple moving average is $44.40 and its two-hundred day simple moving average is $53.23. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 42.58, a PEG ratio of 2.13 and a beta of 0.67.

Analysts Set New Price Targets

PRGS has been the subject of a number of recent research reports. Jefferies Financial Group dropped their target price on Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday, September 30th. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Citigroup dropped their target price on Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a report on Tuesday, July 15th. Wedbush reiterated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Finally, DA Davidson reiterated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, September 30th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.00.

Hedge Funds Weigh In On Progress Software

A number of large investors have recently bought and sold shares of PRGS. Maseco LLP purchased a new position in Progress Software during the 2nd quarter valued at $28,000. Quaker Wealth Management LLC boosted its holdings in Progress Software by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker’s stock valued at $29,000 after acquiring an additional 900 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in Progress Software during the 2nd quarter valued at $41,000. Advisors Asset Management Inc. boosted its holdings in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after acquiring an additional 604 shares during the period. Finally, Osaic Holdings Inc. raised its position in Progress Software by 183.0% during the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after purchasing an additional 637 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.