Progress Software Co. (NASDAQ:PRGS) EVP John Ainsworth Sells 30,631 Shares

Progress Software Co. (NASDAQ:PRGSGet Free Report) EVP John Ainsworth sold 30,631 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $51.03, for a total transaction of $1,563,099.93. Following the completion of the transaction, the executive vice president now owns 32,002 shares in the company, valued at $1,633,062.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Progress Software Price Performance

PRGS traded up $0.23 during trading on Wednesday, hitting $51.43. 609,014 shares of the company traded hands, compared to its average volume of 540,809. The company has a market cap of $2.22 billion, a PE ratio of 33.40, a P/E/G ratio of 6.61 and a beta of 0.95. The stock’s 50-day simple moving average is $51.72 and its two-hundred day simple moving average is $53.58. Progress Software Co. has a 1 year low of $49.00 and a 1 year high of $62.34. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGSGet Free Report) last posted its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. Progress Software’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the company posted $1.01 earnings per share. As a group, sell-side analysts anticipate that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a dividend of $0.175 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.70 annualized dividend and a yield of 1.36%. Progress Software’s payout ratio is 45.45%.

Hedge Funds Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of the stock. GHP Investment Advisors Inc. grew its stake in shares of Progress Software by 116.4% in the 4th quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after buying an additional 32,871 shares in the last quarter. Bahl & Gaynor Inc. grew its stake in shares of Progress Software by 2.7% in the 4th quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock worth $1,664,000 after buying an additional 813 shares in the last quarter. Boston Trust Walden Corp grew its stake in shares of Progress Software by 2.0% in the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after buying an additional 33,289 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Progress Software by 197.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock worth $7,213,000 after buying an additional 88,175 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Progress Software by 8.0% in the 3rd quarter. Deutsche Bank AG now owns 387,313 shares of the software maker’s stock worth $20,365,000 after buying an additional 28,798 shares in the last quarter.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note 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 note on Friday, February 23rd. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Finally, DA Davidson assumed coverage on shares of Progress Software in a research note on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective for the company. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $64.60.

Check Out Our Latest Stock Report on Progress Software

Progress Software Company Profile

(Get Free Report)

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.

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