Progress Software Co. (NASDAQ:PRGS) Insider Sells $83,881.20 in Stock

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. The trade was a 16.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Progress Software Price Performance

Shares of PRGS opened at $57.22 on Friday. The firm has a market capitalization of $2.48 billion, a PE ratio of 36.68, a PEG ratio of 2.86 and a beta of 0.93. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50-day moving average is $63.65 and its 200-day moving average is $62.42. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PRGS. Citigroup increased their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Oppenheimer upped their price target 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 reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.43.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in shares of 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 last quarter. GAMMA Investing LLC grew its holdings in Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares in the last quarter. Blue Trust Inc. increased its position in Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after buying an additional 719 shares in 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.