Progress Software (NASDAQ:PRGS) Hits New 1-Year Low on Insider Selling

Progress Software Co. (NASDAQ:PRGS)’s stock price hit a new 52-week low during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $49.00 and last traded at $50.10, with a volume of 30059 shares changing hands. The stock had previously closed at $50.06.

Specifically, Director David Krall sold 20,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director David Krall sold 20,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the transaction, the director now owns 86,641 shares in the company, valued at approximately $4,418,691. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Sundar Subramanian sold 2,475 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $57.38, for a total transaction of $142,015.50. Following the transaction, the executive vice president now owns 21,198 shares in the company, valued at approximately $1,216,341.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,248 shares of company stock valued at $5,632,902. 3.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRGS shares. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, March 27th. DA Davidson started coverage on shares of Progress Software in a research report on Thursday, March 28th. They set a “buy” rating and a $65.00 target price on the stock. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. cut their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th. Finally, Wedbush upped their target price on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $64.60.

Progress Software Stock Up 1.3 %

The company has a market capitalization of $2.23 billion, a P/E ratio of 32.94, a PEG ratio of 6.63 and a beta of 0.94. The firm’s 50 day moving average price is $53.46 and its two-hundred day moving average price is $53.74. 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 (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.11. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the business earned $1.01 EPS. Equities research analysts forecast that Progress Software Co. will post 3.85 EPS for the current year.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Friday, May 31st. Progress Software’s payout ratio is presently 45.45%.

Institutional Investors Weigh In On Progress Software

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC acquired a new stake in shares of Progress Software in the 4th quarter valued at approximately $28,000. Headlands Technologies LLC acquired a new stake in Progress Software during the 3rd quarter valued at $40,000. Orion Capital Management LLC acquired a new stake in Progress Software during the 3rd quarter valued at $41,000. Clear Street Markets LLC acquired a new stake in Progress Software during the 3rd quarter valued at $50,000. Finally, Ronald Blue Trust Inc. lifted its holdings in Progress Software by 353.0% during the 3rd quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker’s stock valued at $52,000 after purchasing an additional 773 shares during the last quarter.

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.