Progress Software (NASDAQ:PRGS) Reaches New 52-Week Low Following Insider Selling

Progress Software Corporation (NASDAQ:PRGS)’s share price reached a new 52-week low during mid-day trading on Thursday following insider selling activity. The company traded as low as $50.27 and last traded at $50.56, with a volume of 216066 shares changing hands. The stock had previously closed at $51.52.

Specifically, CFO Anthony Folger sold 5,529 shares of the firm’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares of the company’s stock, valued at $2,307,320.23. This trade represents a 11.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of research analysts have commented on PRGS shares. DA Davidson raised their target price on shares of Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, July 1st. Guggenheim reissued a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Citigroup reissued a “neutral” rating on shares of Progress Software in a research report on Friday, June 27th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Progress Software currently has an average rating of “Moderate Buy” and an average target price of $75.17.

Progress Software Stock Down 1.7%

The firm has a market capitalization of $2.18 billion, a P/E ratio of 38.66, a PEG ratio of 2.44 and a beta of 0.68. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. The business’s fifty day moving average price is $61.03 and its two-hundred day moving average price is $59.06.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business had revenue of $237.36 million for the quarter, compared to analysts’ expectations of $237.23 million. During the same period last year, the business earned $1.09 EPS. The company’s revenue was up 35.6% compared to the same quarter last year. Equities analysts expect that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Institutional Trading of Progress Software

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after purchasing an additional 45,246 shares in the last quarter. Geode Capital Management LLC boosted its stake in Progress Software by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock worth $66,039,000 after purchasing an additional 4,927 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Progress Software by 15.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock valued at $49,642,000 after acquiring an additional 125,345 shares during the period. Invesco Ltd. lifted its stake in Progress Software by 0.7% during the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock valued at $52,284,000 after acquiring an additional 5,474 shares during the period. Finally, Deutsche Bank AG lifted its stake in Progress Software by 11.6% during the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker’s stock valued at $51,410,000 after acquiring an additional 82,156 shares during the period.

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.