Progress Software Co. (NASDAQ:PRGS) EVP John Ainsworth Sells 5,122 Shares

Progress Software Co. (NASDAQ:PRGSGet Rating) EVP John Ainsworth sold 5,122 shares of the business’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $48.14, for a total transaction of $246,573.08. Following the sale, the executive vice president now directly owns 32,821 shares in the company, valued at $1,580,002.94. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Shares of PRGS opened at $48.61 on Wednesday. Progress Software Co. has a 52 week low of $41.68 and a 52 week high of $53.99. The firm has a market cap of $2.13 billion, a P/E ratio of 27.16, a price-to-earnings-growth ratio of 6.95 and a beta of 1.07. The firm’s 50-day simple moving average is $45.78 and its 200 day simple moving average is $47.23. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.21 and a current ratio of 1.21.

Progress Software (NASDAQ:PRGSGet Rating) last announced its quarterly earnings results on Tuesday, March 29th. The software maker reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.12. Progress Software had a net margin of 14.40% and a return on equity of 39.08%. The business had revenue of $147.51 million for the quarter, compared to analyst estimates of $139.24 million. During the same quarter in the prior year, the business earned $0.82 EPS. Progress Software’s quarterly revenue was up 11.9% on a year-over-year basis. As a group, equities analysts forecast that Progress Software Co. will post 3.45 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be paid a $0.175 dividend. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.44%. Progress Software’s dividend payout ratio (DPR) is currently 39.11%.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in Progress Software by 0.4% in the 4th quarter. BlackRock Inc. now owns 8,136,361 shares of the software maker’s stock valued at $392,743,000 after buying an additional 30,599 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in shares of Progress Software by 4.2% during the 4th quarter. Segall Bryant & Hamill LLC now owns 1,714,110 shares of the software maker’s stock worth $82,741,000 after purchasing an additional 69,604 shares in the last quarter. Boston Trust Walden Corp grew its position in shares of Progress Software by 7.3% during the 1st quarter. Boston Trust Walden Corp now owns 1,404,169 shares of the software maker’s stock worth $66,123,000 after purchasing an additional 95,233 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Progress Software by 7.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,299,259 shares of the software maker’s stock worth $63,910,000 after purchasing an additional 88,814 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its position in shares of Progress Software by 4.0% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,169,688 shares of the software maker’s stock worth $56,461,000 after purchasing an additional 45,485 shares in the last quarter. Institutional investors and hedge funds own 99.46% of the company’s stock.

PRGS has been the topic of several recent analyst reports. Citigroup boosted their price objective on shares of Progress Software from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 30th. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Thursday, April 7th. Finally, StockNews.com initiated coverage on shares of Progress Software in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Progress Software currently has an average rating of “Buy” and a consensus price target of $56.00.

About Progress Software (Get Rating)

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 consists 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 process, and decision-related insight capabilities.

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