Insider Selling: Barry N. Bycoff Sells 18,578 Shares of Progress Software Corp. Stock (PRGS)
Progress Software Corp. (NASDAQ:PRGS) Director Barry N. Bycoff sold 18,578 shares of the stock on the open market in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $24.00, for a total value of $445,872.00. Following the completion of the sale, the director now directly owns 25,741 shares in the company, valued at approximately $617,784. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Progress Software Corp. (NASDAQ:PRGS) traded up 0.62% on Tuesday, hitting $24.39. 117,058 shares of the company’s stock traded hands. Progress Software Corp. has a 1-year low of $20.41 and a 1-year high of $26.95. The stock’s 50-day moving average is $24.72 and its 200-day moving average is $25.36. The company has a market cap of $1.258 billion and a price-to-earnings ratio of 17.90.
Progress Software Corp. (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, January 2nd. The company reported $0.43 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.02. The company had revenue of $91.00 million for the quarter, compared to the consensus estimate of $90.84 million. During the same quarter last year, the company posted $0.23 earnings per share. Progress Software Corp.’s revenue was up 5.1% compared to the same quarter last year. On average, analysts predict that Progress Software Corp. will post $1.46 earnings per share for the current fiscal year.
A number of research firms have recently commented on PRGS. Analysts at Zacks downgraded shares of Progress Software Corp. from an “outperform” rating to an “underperform” rating in a research note on Wednesday, January 15th. They now have a $23.20 price target on the stock. Separately, analysts at JMP Securities downgraded shares of Progress Software Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 12th. They now have a $28.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $27.04.
Progress Software Corporation is a global software company. The Company’s portfolio of products provides solutions for enterprise integration, data interoperability and application development, including software-as-a-service (NASDAQ:PRGS) enablement and delivery in the Cloud.
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