Progress Software Co. (NASDAQ:PRGS) Director Sells $231,150.00 in Stock
Progress Software Co. (NASDAQ: PRGS – Get a rating) Director Charles Francis Kane sold 5,000 shares of the company in a trade dated Wednesday, April 27. The stock was sold at an average price of $46.23, for a total transaction of $231,150.00. Following the completion of the sale, the director now owns 83,208 shares of the company, valued at approximately $3,846,705.84. The transaction was disclosed in an SEC filing, available at this hyperlink.
PRGS NASDAQ opened at $48.45 on Friday. The company has a debt ratio of 1.67, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 27.07, a growth price-to-earnings ratio of 7.17 and a beta of 1.16. The company’s 50-day simple moving average is $45.49 and its two-hundred-day simple moving average is $47.27. Progress Software Co. has a one-year minimum of $41.68 and a one-year maximum of $53.99.
Progress software (NASDAQ: PRGS – Get a rating) last released its results on Tuesday, March 29. The software maker reported EPS of $0.97 for the quarter, beating consensus analyst estimates of $0.85 by $0.12. The company posted revenue of $147.51 million for the quarter, versus a consensus estimate of $139.24 million. Progress Software achieved a net margin of 14.40% and a return on equity of 39.08%. The company’s revenue for the quarter increased 11.9% year over year. During the same quarter last year, the company posted EPS of $0.82. Stock analysts expect Progress Software Co. to post earnings per share of 3.45 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15. Shareholders of record on Wednesday, June 1 will receive a dividend of $0.175. This represents a dividend of $0.70 on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Tuesday, May 31. Progress Software’s payout ratio is currently 39.11%.
A number of brokerages have weighed in on PRGS recently. Citigroup raised its price target on Progress Software shares from $48.00 to $52.00 and gave the company a “neutral” rating in a Wednesday, March 30 report. StockNews.com began covering Progress Software shares in a report on Thursday, March 31. They established a “Strong Buy” rating for the company. To finish, Zacks Investment Research upgraded Progress Software’s stock from a “hold” rating to a “buy” rating and set a price target of $52.00 for the company in a Thursday, April 7 report. One research analyst rated the stock with a hold rating, four gave the company a buy rating, and one gave the company a strong buy rating. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and an average price target of $56.00.
Institutional investors have recently changed their stake in the company. Marshall Wace North America LP bought a new position in Progress Software stock in Q1 for about $28,000. Lazard Asset Management LLC increased its position in Progress Software shares by 20.6% in the 4th quarter. Lazard Asset Management LLC now owns 1,413 shares of the software maker worth $68,000 after buying 241 additional shares in the last quarter. Penserra Capital Management LLC bought a new position in Progress Software stock in Q3 for a value of approximately $84,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Progress Software during Q1 valued at approximately $85,000. Finally, Advisor Group Holdings Inc. increased its position in Progress Software by 34.6% during the third quarter. Advisor Group Holdings Inc. now owns 1,820 shares of the software maker worth $90,000 after buying 468 additional shares in the last quarter. 99.56% of the shares are currently held by hedge funds and other institutional investors.
Progress Software Company Profile (Get a rating)
Progress Software Corporation develops, deploys and manages business applications. The company offers OpenEdge, a development software, which creates multilingual applications for secure deployment on various platforms and devices, as well as in the cloud; development tools including components for developing user interfaces for web, mobile, desktop, chat, and AR/VR applications, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and process change, as well as decision-related analytics capabilities.
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