Yufan Stephanie Wang Sells 779 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total value of $39,471.93. The sale was disclosed in a filing with the SEC, which is available at this link.

Progress Software Price Performance

Progress Software stock opened at $51.10 on Thursday. 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 52 week low of $49.00 and a 52 week high of $62.34. The stock has a market capitalization of $2.21 billion, a P/E ratio of 33.18, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. The stock has a fifty day moving average of $51.88 and a 200-day moving average of $53.55.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. During the same quarter in the previous year, the firm earned $1.01 EPS. Progress Software’s revenue was up 11.5% on a year-over-year basis. On average, sell-side 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 given a $0.175 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.70 annualized dividend and a yield of 1.37%. Progress Software’s dividend payout ratio is presently 45.45%.

Institutional Trading of Progress Software

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC bought a new position in Progress Software during the 4th quarter worth $28,000. Headlands Technologies LLC bought a new stake in shares of Progress Software in the 3rd quarter valued at $40,000. Orion Capital Management LLC acquired a new stake in shares of Progress Software during the third quarter worth $41,000. Clear Street Markets LLC acquired a new position in Progress Software in the third quarter valued at $50,000. Finally, Blue Trust Inc. boosted its position in Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after acquiring an additional 239 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have recently commented on PRGS. Oppenheimer reiterated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. JPMorgan Chase & Co. reduced their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Wedbush boosted their price target on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Finally, DA Davidson assumed coverage on Progress Software in a research note on Thursday, March 28th. They issued a “buy” rating and a $65.00 price target for the company. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Progress Software presently has a consensus rating of “Buy” and an average target price 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.