Progress Software Co. (NASDAQ:PRGS – Get Rating) CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $43.87, for a total transaction of $219,350.00. Following the completion of the sale, the chief executive officer now directly owns 65,000 shares of the company’s stock, valued at approximately $2,851,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Progress Software Stock Down 0.5 %
PRGS stock traded down $0.22 during midday trading on Thursday, reaching $43.00. 293,195 shares of the company were exchanged, compared to its average volume of 310,391. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.25 and a current ratio of 1.25. Progress Software Co. has a 1-year low of $41.68 and a 1-year high of $53.99. The stock’s 50-day simple moving average is $47.03 and its 200 day simple moving average is $46.80. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 6.24 and a beta of 1.00.
Progress Software (NASDAQ:PRGS – Get Rating) last released its quarterly earnings data on Tuesday, June 28th. The software maker reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The company had revenue of $148.70 million for the quarter, compared to analysts’ expectations of $146.45 million. During the same quarter last year, the company earned $0.67 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts forecast that Progress Software Co. will post 3.47 earnings per share for the current year.
Progress Software Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a $0.175 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.63%. Progress Software’s payout ratio is 32.56%.
Hedge Funds Weigh In On Progress Software
A number of institutional investors have recently modified their holdings of PRGS. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Progress Software in the 1st quarter valued at $85,000. SG Americas Securities LLC purchased a new position in Progress Software in the 1st quarter valued at $108,000. Simplex Trading LLC grew its position in Progress Software by 139.2% in the 1st quarter. Simplex Trading LLC now owns 2,383 shares of the software maker’s stock valued at $112,000 after buying an additional 8,469 shares during the last quarter. Penserra Capital Management LLC grew its position in Progress Software by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after buying an additional 874 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in Progress Software by 75.1% in the 1st quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after buying an additional 1,512 shares during the last quarter. 98.90% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have weighed in on PRGS shares. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 9th. Jefferies Financial Group began coverage on shares of Progress Software in a research note on Friday, September 9th. They issued a “hold” rating and a $52.00 price objective for the company. Oppenheimer reduced their target price on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, June 29th. Wedbush reaffirmed an “outperform” rating on shares of Progress Software in a report on Wednesday, June 29th. Finally, Guggenheim began coverage on shares of Progress Software in a report on Friday, August 12th. They issued a “buy” rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and an average target price of $55.40.
About Progress Software
Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.
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