Progress Software Co. (NASDAQ:PRGS) CFO Sells $190,233.50 in Stock

Progress Software Co. (NASDAQ:PRGSGet Free Report) CFO Anthony Folger sold 3,767 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the sale, the chief financial officer now owns 37,542 shares in the company, valued at $1,895,871. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Progress Software Price Performance

Shares of Progress Software stock opened at $50.06 on Friday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 32.51, a P/E/G ratio of 6.55 and a beta of 0.93. The firm’s 50-day moving average price is $50.87 and its two-hundred day moving average price is $53.38. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software Co. has a 1-year low of $48.99 and a 1-year high of $62.34.

Progress Software (NASDAQ:PRGSGet Free Report) last released 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 business had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same period in the prior year, the company earned $1.01 EPS. Progress Software’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities analysts predict that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.175 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.70 annualized dividend and a yield of 1.40%. Progress Software’s dividend payout ratio (DPR) is 45.45%.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after purchasing an additional 95,594 shares in the last quarter. Boston Trust Walden Corp lifted its holdings in Progress Software by 2.0% during the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after buying an additional 33,289 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Progress Software by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after buying an additional 23,097 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Progress Software by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after buying an additional 6,166 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have issued reports on PRGS. JPMorgan Chase & Co. lowered their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. DA Davidson began coverage on shares of Progress Software in a research report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price target for the company. Wedbush lifted their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $64.60.

Read Our Latest Analysis on Progress Software

Progress Software Company Profile

(Get Free Report)

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.

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