Ian Pitt Sells 703 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 703 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares of the company’s stock, valued at approximately $468,163.93. The trade was a 7.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Ian Pitt also recently made the following trade(s):

• On Monday, February 3rd, Ian Pitt sold 1,482 shares of Progress Software stock. The stock was sold at an average price of $56.60, for a total value of $83,881.20.

Progress Software Trading Down 0.9 %

Shares of PRGS stock opened at $56.84 on Friday. The company has a market cap of $2.45 billion, a P/E ratio of 36.44, a PEG ratio of 2.82 and a beta of 0.85. The stock has a 50 day simple moving average of $55.89 and a two-hundred day simple moving average of $61.96. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The business had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. Research analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current year.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. Bessemer Group Inc. grew its stake in Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares during the period. Orion Capital Management LLC acquired a new stake in Progress Software in the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC grew its stake 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 acquiring an additional 688 shares during the period. GAMMA Investing LLC grew its stake in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares during the period. Finally, TD Private Client Wealth LLC grew its stake in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRGS. Wedbush reissued an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Citigroup increased their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.

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.