Insider Selling: Progress Software (NASDAQ:PRGS) CFO Sells $123,784.12 in Stock

Progress Software Corporation (NASDAQ:PRGS) CFO Anthony Folger sold 3,067 shares of the firm’s stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $40.36, for a total transaction of $123,784.12. Following the transaction, the chief financial officer owned 49,984 shares of the company’s stock, valued at approximately $2,017,354.24. The trade was a 5.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progress Software Stock Up 5.2%

Shares of NASDAQ PRGS opened at $45.98 on Friday. The company’s 50 day moving average price is $41.58 and its 200-day moving average price is $36.25. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.80 and a current ratio of 0.80. Progress Software Corporation has a 52-week low of $23.82 and a 52-week high of $47.25. The company has a market capitalization of $1.88 billion, a P/E ratio of 21.19, a price-to-earnings-growth ratio of 1.83 and a beta of 0.89.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, September 30th. The software maker reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.17. The company had revenue of $246.01 million during the quarter, compared to analysts’ expectations of $247.33 million. Progress Software had a net margin of 9.24% and a return on equity of 42.91%. Progress Software’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 earnings per share. Progress Software has set its Q4 2026 guidance at 1.240-1.330 EPS and its FY 2026 guidance at 6.150-6.230 EPS. Equities analysts forecast that Progress Software Corporation will post 4.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company acquired a new stake in Progress Software in the second quarter worth $40,780,000. Heron Bay Capital Management bought a new stake in Progress Software in the second quarter valued at $34,011,000. Arrowstreet Capital Limited Partnership increased its stake in Progress Software by 133.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker’s stock valued at $31,335,000 after purchasing an additional 698,611 shares in the last quarter. Rice Hall James & Associates LLC acquired a new position in shares of Progress Software during the second quarter valued at about $19,149,000. Finally, Oaktop Capital Management II L.P. acquired a new position in shares of Progress Software during the second quarter valued at about $17,079,000.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRGS shares. Weiss Ratings raised Progress Software from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Jefferies Financial Group upgraded Progress Software to a “hold” rating in a research report on Friday, September 25th. Zacks Research raised Progress Software from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Oppenheimer lowered their target price on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, July 1st. Finally, DA Davidson reiterated a “buy” rating and issued a $55.00 target price on shares of Progress Software in a report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.57.

Progress Software Company Profile

Progress Software Corporation (NASDAQ: PRGS) develops enterprise software designed to help organizations build, deploy, integrate, secure and manage business applications and digital services. Its portfolio supports application development, data connectivity, application integration, file transfer, network monitoring and digital experience management across cloud, on-premises and hybrid environments.

The company’s products include OpenEdge for developing and operating business applications; Telerik and Kendo UI development tools; DataDirect data connectivity technologies; Sitefinity digital experience software; WhatsUp Gold network monitoring; MOVEit managed file transfer; and Chef automation and infrastructure-management tools.