Insider Selling: Progress Software Co. (NASDAQ:PRGS) Insider Sells 2,918 Shares of Stock

Progress Software Co. (NASDAQ:PRGS) insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the sale, the insider now directly owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Progress Software Trading Down 0.7 %

Shares of PRGS opened at $54.43 on Friday. The stock has a fifty day moving average of $50.85 and a two-hundred day moving average of $52.99. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a market capitalization of $2.35 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 6.99 and a beta of 0.93. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $62.34.

Progress Software Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be issued a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.29%. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PRGS shares. DA Davidson reissued a “buy” rating and set a $65.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. JPMorgan Chase & Co. decreased 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. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Oppenheimer restated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group cut their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and a consensus target price of $63.14.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Progress Software by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in shares of Progress Software by 116.4% during the 4th quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after buying an additional 32,871 shares during the last quarter. Bahl & Gaynor Inc. increased its holdings in shares of Progress Software by 2.7% during the 4th quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock worth $1,664,000 after buying an additional 813 shares during the last quarter. Boston Trust Walden Corp increased its holdings in shares of 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 during the last quarter. Finally, Van Hulzen Asset Management LLC increased its holdings in shares of Progress Software by 4.0% during the 4th quarter. Van Hulzen Asset Management LLC now owns 17,365 shares of the software maker’s stock worth $943,000 after buying an additional 665 shares during 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.