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 on Thursday, August 1st. The stock was sold at an average price of $58.11, for a total value of $17,433.00. Following the sale, the chief accounting officer now owns 3,847 shares in the company, valued at approximately $223,549.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Progress Software Stock Down 2.2 %

Shares of NASDAQ PRGS traded down $1.22 during mid-day trading on Monday, reaching $55.35. 424,709 shares of the company’s stock were exchanged, compared to its average volume of 502,959. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 7.34 and a beta of 0.93. Progress Software Co. has a twelve month low of $48.00 and a twelve month high of $62.34. The business has a fifty day simple moving average of $53.09 and a 200 day simple moving average of $53.28.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. As a group, equities analysts expect that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 1.26%. Progress Software’s dividend payout ratio is 42.68%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its stake in Progress Software by 236.1% in the second quarter. Victory Capital Management Inc. now owns 68,867 shares of the software maker’s stock valued at $3,737,000 after purchasing an additional 48,375 shares in the last quarter. F M Investments LLC bought a new position in Progress Software in the second quarter valued at approximately $6,684,000. Allspring Global Investments Holdings LLC grew its stake in Progress Software by 22.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock valued at $46,941,000 after purchasing an additional 156,796 shares in the last quarter. Dakota Wealth Management bought a new position in Progress Software in the second quarter valued at approximately $207,000. Finally, Neo Ivy Capital Management bought a new position in Progress Software in the second quarter valued at approximately $204,000.

Wall Street Analysts Forecast Growth

PRGS has been the topic of several research reports. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Oppenheimer reissued an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday, June 26th. Jefferies Financial Group cut their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Guggenheim reissued a “buy” rating and issued a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Finally, Wedbush increased their target price on Progress Software from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.29.

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.