Anthony Folger Sells 15,000 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 15,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Progress Software Trading Up 0.5 %

Shares of PRGS stock opened at $57.63 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The firm’s 50 day moving average price is $63.86 and its two-hundred day moving average price is $62.45. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 36.94, a price-to-earnings-growth ratio of 2.86 and a beta of 0.93.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in PRGS. Smartleaf Asset Management LLC raised its position in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares during the period. Wakefield Asset Management LLLP purchased a new stake in shares of Progress Software during the 4th quarter valued at about $1,001,000. Versor Investments LP purchased a new stake in shares of Progress Software during the 4th quarter valued at about $534,000. Los Angeles Capital Management LLC lifted its position in Progress Software by 967.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 35,709 shares of the software maker’s stock worth $2,326,000 after acquiring an additional 32,364 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in Progress Software in the 4th quarter worth approximately $230,000.

Wall Street Analyst Weigh In

PRGS has been the subject of several analyst reports. Citigroup boosted their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Oppenheimer raised their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. Finally, DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

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.