Progress Software Co. (NASDAQ:PRGS – Get Rating) CEO Yogesh K. Gupta sold 10,000 shares of the stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $54.01, for a total transaction of $540,100.00. Following the transaction, the chief executive officer now owns 35,000 shares of the company’s stock, valued at approximately $1,890,350. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed via this hyperlink.
Progress Software Price Performance
Progress Software stock opened at $52.46 on Tuesday. The firm has a 50-day moving average price of $48.93 and a 200-day moving average price of $47.69. The firm has a market capitalization of $2.26 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 7.20 and a beta of 1.05. 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 Co. has a 12-month low of $40.33 and a 12-month high of $54.23.
Progress Software (NASDAQ:PRGS – Get Rating) last released its earnings results on Tuesday, September 27th. The software maker reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. The firm had revenue of $153.06 million during the quarter, compared to analyst estimates of $148.10 million. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business earned $1.06 EPS. As a group, equity research analysts forecast that Progress Software Co. will post 3.46 EPS for the current year.
Progress Software Announces Dividends
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Wednesday, November 30th. Progress Software’s dividend payout ratio is presently 35.90%.
Wall Street Analyst Weigh In
Several equity analysts have commented on PRGS shares. Guggenheim started coverage on shares of Progress Software in a research report on Friday, August 12th. They set a “buy” rating and a $60.00 price objective for the company. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 3rd. Jefferies Financial Group started coverage on shares of Progress Software in a research report on Friday, September 9th. They set a “hold” rating and a $52.00 price objective for the company. Finally, Citigroup lowered their price objective on shares of Progress Software from $52.00 to $46.00 in a research report on Thursday, September 29th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and a consensus price target of $52.75.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in PRGS. SG Americas Securities LLC purchased a new position in Progress Software in the 1st quarter worth about $108,000. Simplex Trading LLC increased its position in Progress Software by 139.2% during the 1st quarter. Simplex Trading LLC now owns 2,383 shares of the software maker’s stock valued at $112,000 after purchasing an additional 8,469 shares during the period. Victory Capital Management Inc. increased its position in Progress Software by 52.2% during the 1st quarter. Victory Capital Management Inc. now owns 267,078 shares of the software maker’s stock valued at $12,814,000 after purchasing an additional 91,557 shares during the period. New York State Common Retirement Fund increased its position in Progress Software by 43.0% during the 1st quarter. New York State Common Retirement Fund now owns 45,397 shares of the software maker’s stock valued at $2,138,000 after purchasing an additional 13,641 shares during the period. Finally, Great Lakes Advisors LLC increased its position in Progress Software by 15.4% during the 1st quarter. Great Lakes Advisors LLC now owns 74,027 shares of the software maker’s stock valued at $3,486,000 after purchasing an additional 9,859 shares during the period. Hedge funds and other institutional investors own 98.90% of the company’s stock.
Progress Software Company Profile
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 consist 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 processes, and decision-related insight capabilities.
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