Insider Selling: Progress Software Co. (NASDAQ:PRGS) EVP Sells $29,135.76 in Stock

Progress Software Co. (NASDAQ:PRGS) EVP Sundar Subramanian sold 584 shares of Progress Software stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the sale, the executive vice president now directly owns 17,195 shares in the company, valued at approximately $857,858.55. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 shares were 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 stock was sold at an average price of $57.38, for a total transaction of $142,015.50.

Progress Software Trading Up 0.7 %

Progress Software stock traded up $0.33 during trading on Thursday, reaching $50.44. 228,967 shares of the company were exchanged, compared to its average volume of 566,251. The stock’s 50 day simple moving average is $52.25 and its two-hundred day simple moving average is $53.59. The company has a market capitalization of $2.21 billion, a P/E ratio of 32.54, a PEG ratio of 6.48 and a beta of 0.95. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. Progress Software Co. has a 52-week low of $49.00 and a 52-week high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business 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%. The company’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. On average, equities research analysts expect that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

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

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently made changes to their positions in PRGS. Vanguard Group Inc. grew its holdings in shares of Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the period. Boston Trust Walden Corp boosted its stake in Progress Software by 2.0% during the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after buying 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 fourth quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after acquiring an additional 23,097 shares during the last quarter. Principal Financial Group Inc. raised 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 valued at $55,049,000 after acquiring an additional 6,166 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have commented on PRGS. Wedbush boosted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday, March 27th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. 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 on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and an average 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.