Anthony Folger Sells 7,797 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Progress Software Trading Down 0.6 %

Shares of PRGS stock opened at $65.91 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 40.19, a price-to-earnings-growth ratio of 8.38 and a beta of 0.92. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $67.89. The stock’s 50-day moving average price is $60.46 and its 200-day moving average price is $55.18.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. Equities research analysts predict that Progress Software Co. will post 3.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PRGS shares. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 14th. DA Davidson boosted their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Progress Software has a consensus rating of “Buy” and a consensus price target of $66.00.

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Allspring Global Investments Holdings LLC grew its position in Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after acquiring an additional 312,537 shares during the last quarter. Swedbank AB boosted its stake in shares of Progress Software by 144.2% during the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after purchasing an additional 280,195 shares during the period. Marshall Wace LLP grew its holdings in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after purchasing an additional 221,336 shares during the last quarter. Boston Trust Walden Corp increased its stake in Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after buying an additional 192,899 shares during the period. Finally, F M Investments LLC bought a new stake in Progress Software during the 2nd quarter valued at about $6,684,000.

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.