Progress Software Co. (NASDAQ:PRGS) Director David Krall Sells 20,000 Shares

Progress Software Co. (NASDAQ:PRGS) Director David Krall sold 20,000 shares of Progress Software stock in a transaction dated 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 sale, the director now directly owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Progress Software Trading Down 1.8 %

Shares of PRGS stock opened at $50.06 on Tuesday. The company has a market cap of $2.20 billion, a P/E ratio of 32.51, a PEG ratio of 6.63 and a beta of 0.94. The stock has a 50 day simple moving average of $53.60 and a two-hundred day simple moving average of $53.76. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. Progress Software Co. has a fifty-two week low of $49.02 and a fifty-two 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 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 firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Research analysts forecast that Progress Software Co. will post 3.85 earnings per share for the current year.

Progress Software Announces Dividend

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

Analysts Set New Price Targets

PRGS has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. DA Davidson started coverage on Progress Software in a research report on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective for the company. Wedbush raised their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. One research 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $64.60.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of Progress Software during the fourth quarter valued at approximately $28,000. Headlands Technologies LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $40,000. Orion Capital Management LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $41,000. Clear Street Markets LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $50,000. Finally, Ronald Blue Trust Inc. increased its holdings in shares of Progress Software by 353.0% during the third quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker’s stock valued at $52,000 after acquiring an additional 773 shares in the last quarter.

Progress Software Company Profile

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.