Yufan Stephanie Wang Sells 779 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Progress Software Trading Down 0.5 %

NASDAQ PRGS opened at $51.10 on Thursday. Progress Software Co. has a 52 week low of $49.00 and a 52 week high of $62.34. The firm has a 50 day moving average of $51.88 and a two-hundred day moving average of $53.55. The stock has a market capitalization of $2.21 billion, a PE ratio of 33.18, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. As a group, research analysts expect that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.175 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.70 annualized dividend and a dividend yield of 1.37%. Progress Software’s dividend payout ratio is presently 45.45%.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th. Wedbush increased their price objective on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. Finally, DA Davidson initiated coverage on shares of Progress Software in a research report on Thursday, March 28th. They set a “buy” rating and a $65.00 price target on the stock. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $64.60.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRGS. GAMMA Investing LLC acquired a new stake in shares of Progress Software during the fourth quarter worth about $28,000. Headlands Technologies LLC acquired a new position in Progress Software during the third quarter worth approximately $40,000. Orion Capital Management LLC purchased a new stake in Progress Software in the third quarter valued at approximately $41,000. Clear Street Markets LLC acquired a new stake in shares of Progress Software in the third quarter valued at approximately $50,000. Finally, Blue Trust Inc. grew its position in shares of Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after acquiring an additional 239 shares during 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.