Insider Selling: Progress Software Co. (NASDAQ:PRGS) CFO Sells 15,000 Shares of Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Progress Software Price Performance

NASDAQ:PRGS opened at $57.22 on Friday. The company has a market cap of $2.48 billion, a P/E ratio of 36.68, a P/E/G ratio of 2.86 and a beta of 0.93. The firm’s fifty day moving average price is $63.65 and its two-hundred day moving average price is $62.42. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. DA Davidson restated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Guggenheim restated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. Citigroup upped their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Finally, StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in shares of Progress Software by 98.8% in the second quarter. AQR Capital Management LLC now owns 38,950 shares of the software maker’s stock valued at $2,113,000 after purchasing an additional 19,359 shares during the last quarter. Algert Global LLC bought a new stake in Progress Software in the 2nd quarter valued at $236,000. Creative Planning grew its holdings in Progress Software by 50.9% in the 2nd quarter. Creative Planning now owns 6,474 shares of the software maker’s stock valued at $351,000 after buying an additional 2,183 shares in the last quarter. Handelsbanken Fonder AB increased its position in Progress Software by 19.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 9,216 shares of the software maker’s stock worth $621,000 after buying an additional 1,500 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Progress Software by 76.7% during 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 in the last quarter.

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.