Insider Selling: Progress Software Co. (NASDAQ:PRGS) CAO Sells 300 Shares of Stock

Progress Software Co. (NASDAQ:PRGS) CAO Domenic Lococo sold 300 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $58.11, for a total transaction of $17,433.00. Following the sale, the chief accounting officer now directly owns 3,847 shares of the company’s stock, valued at $223,549.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Progress Software Trading Down 2.2 %

Shares of NASDAQ:PRGS traded down $1.22 during mid-day trading on Monday, hitting $55.35. The stock had a trading volume of 424,709 shares, compared to its average volume of 502,959. 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 cap of $2.37 billion, a PE ratio of 34.49, a P/E/G ratio of 7.34 and a beta of 0.93. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $62.34. The company’s 50 day moving average is $53.09 and its 200-day moving average is $53.28.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.13. The firm had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. On average, sell-side analysts predict that Progress Software Co. will post 3.91 EPS for the current year.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.26%. Progress Software’s dividend payout ratio is presently 42.68%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRGS. Vanguard Group Inc. increased its stake in shares of Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of Progress Software during the 1st quarter worth $480,000. GHP Investment Advisors Inc. increased its stake 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 purchasing an additional 32,871 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Progress Software by 63.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock worth $1,960,000 after purchasing an additional 13,185 shares during the last quarter. Finally, Bahl & Gaynor Inc. increased its stake 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 purchasing an additional 813 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on PRGS shares. Oppenheimer reissued an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, June 26th. Guggenheim reissued a “buy” rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. DA Davidson reissued a “buy” rating and set a $65.00 target price on shares of Progress Software in a research note on Wednesday, June 26th. Wedbush increased their target price on shares of Progress Software from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.29.

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.