Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger Sells 3,775 Shares of Stock

Posted by Defense World Staff on Apr 5th, 2023

Progress Software Co. (NASDAQ:PRGS – Get Rating) CFO Anthony Folger sold 3,775 shares of the business’s stock in a transaction that occurred on Tuesday, April 4th. The shares were sold at an average price of $55.84, for a total transaction of $210,796.00. Following the transaction, the chief financial officer now owns 22,116 shares of the company’s stock, valued at approximately $1,234,957.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Anthony Folger also recently made the following trade(s):

On Monday, January 9th, Anthony Folger sold 11,863 shares of Progress Software stock. The shares were sold at an average price of $52.35, for a total transaction of $621,028.05.

Progress Software Stock Performance

Shares of PRGS stock opened at $55.14 on Wednesday. The company’s fifty day simple moving average is $56.85 and its 200-day simple moving average is $52.11. The company has a quick ratio of 1.34, a current ratio of 0.87 and a debt-to-equity ratio of 1.94. The firm has a market cap of $2.39 billion, a PE ratio of 24.73, a P/E/G ratio of 8.45 and a beta of 0.95. Progress Software Co. has a 12 month low of $40.33 and a 12 month high of $59.36.

Progress Software (NASDAQ:PRGS – Get Rating) last announced its quarterly earnings data on Tuesday, March 28th. The software maker reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.14. The business had revenue of $165.61 million for the quarter, compared to analyst estimates of $158.77 million. Progress Software had a net margin of 15.82% and a return on equity of 41.56%. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Equities research analysts expect that Progress Software Co. will post 3.4 EPS for the current fiscal year.

Progress Software Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, May 31st. Progress Software’s dividend payout ratio (DPR) is currently 31.39%.

Institutional Trading of Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRGS. Norges Bank bought a new stake in Progress Software during the fourth quarter worth $20,040,000. Natixis raised its position in Progress Software by 102.8% during the fourth quarter. Natixis now owns 730,000 shares of the software maker’s stock worth $36,828,000 after acquiring an additional 370,000 shares in the last quarter. Wellington Management Group LLP raised its position in Progress Software by 25.4% during the first quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock worth $58,204,000 after acquiring an additional 250,733 shares in the last quarter. Ziegler Capital Management LLC bought a new stake in Progress Software during the fourth quarter worth $9,459,000. Finally, Seizert Capital Partners LLC raised its position in Progress Software by 22.1% during the third quarter. Seizert Capital Partners LLC now owns 897,664 shares of the software maker’s stock worth $38,196,000 after acquiring an additional 162,739 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRGS. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 30th. Oppenheimer upped their price target on shares of Progress Software from $53.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, March 29th. Guggenheim reiterated a “buy” rating and issued a $64.00 price target on shares of Progress Software in a report on Wednesday, March 29th. Citigroup upped their price target on shares of Progress Software from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, March 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Progress Software from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, March 29th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.20.

Progress Software Company Profile

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Progress Software Corp. engages in the provision of products that develop and deploy mission-critical business applications. Its products and solutions include OpenEdge, Developer Tools, Sitefinity, Corticon, DataDirect Connect, MOVEit, Chef, WhatsUp Gold, Kemp Loadmaster, and Kemp Flowmon Network Visibility.