Progress Software Co. (NASDAQ:PRGS) Director Sells $1,020,000.00 in Stock

Progress Software Co. (NASDAQ:PRGS) Director David Krall sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the transaction, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Progress Software Stock Down 1.8 %

Progress Software stock opened at $50.06 on Tuesday. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 6.63 and a beta of 0.94. Progress Software Co. has a 12 month low of $49.02 and a 12 month high of $62.34. 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 stock has a fifty day simple moving average of $53.60 and a two-hundred day simple moving average of $53.76.

Progress Software (NASDAQ:PRGS) last released its quarterly 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 firm had revenue of $184.69 million for 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 business posted $1.01 EPS. Equities analysts predict that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.175 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.40%. Progress Software’s dividend payout ratio (DPR) is currently 45.45%.

Analyst Ratings Changes

A number of research firms recently weighed in on PRGS. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Wedbush lifted 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. DA Davidson began coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. One 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 company. According to data from MarketBeat.com, Progress Software has a consensus rating of “Buy” and an average price target of $64.60.

Hedge Funds Weigh In On Progress Software

Institutional investors and hedge funds have recently modified their holdings of the company. GHP Investment Advisors Inc. boosted its stake in shares of Progress Software by 116.4% in the 4th quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after buying an additional 32,871 shares during the last quarter. Boston Trust Walden Corp lifted its position 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 valued at $92,369,000 after purchasing an additional 33,289 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Progress Software by 197.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after purchasing an additional 88,175 shares in the last quarter. Deutsche Bank AG lifted its position in Progress Software by 8.0% during the third quarter. Deutsche Bank AG now owns 387,313 shares of the software maker’s stock valued at $20,365,000 after purchasing an additional 28,798 shares in the last quarter. Finally, Graham Capital Management L.P. purchased a new position in Progress Software during the third quarter valued at $2,473,000.

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.