Progress Software Co. (NASDAQ:PRGS) CFO Sells $844,500.00 in Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on 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 owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Progress Software Stock Up 1.2 %

Shares of PRGS traded up $0.66 during trading hours on Tuesday, hitting $57.33. 687,147 shares of the company were exchanged, compared to its average volume of 839,665. The firm’s 50 day moving average is $64.31 and its 200-day moving average is $62.48. 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 52 week low of $48.00 and a 52 week high of $70.56. The company has a market cap of $2.49 billion, a PE ratio of 36.75, a PEG 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 added to or reduced their stakes in PRGS. GAMMA Investing LLC lifted its stake in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the last quarter. TD Private Client Wealth LLC lifted its position in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after acquiring an additional 301 shares during the last quarter. Blue Trust Inc. boosted its holdings in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after acquiring an additional 394 shares during the period. KBC Group NV grew its position in shares of Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares during the last quarter. Finally, Prudent Man Advisors LLC bought a new position in shares of Progress Software in the third quarter worth about $201,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. DA Davidson restated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Citigroup raised their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.