Progress Software (NASDAQ:PRGS) CFO Sells $254,376.78 in Stock

Progress Software Corporation (NASDAQ:PRGS) CFO Anthony Folger sold 5,474 shares of Progress Software stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.47, for a total transaction of $254,376.78. Following the sale, the chief financial officer owned 42,559 shares of the company’s stock, valued at approximately $1,977,716.73. The trade was a 11.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, July 8th, Anthony Folger sold 5,529 shares of Progress Software stock. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13.

Progress Software Trading Down 0.3%

Shares of Progress Software stock opened at $46.17 on Friday. Progress Software Corporation has a 1 year low of $40.29 and a 1 year high of $70.56. The firm has a market cap of $1.98 billion, a PE ratio of 41.97, a PEG ratio of 2.12 and a beta of 0.67. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.43. The company has a 50 day simple moving average of $44.51 and a two-hundred day simple moving average of $53.35.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. QRG Capital Management Inc. increased its stake in shares of Progress Software by 1.8% in the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after buying an additional 187 shares during the period. LPL Financial LLC increased its stake in shares of Progress Software by 1,161.5% in the first quarter. LPL Financial LLC now owns 48,112 shares of the software maker’s stock worth $2,478,000 after buying an additional 44,298 shares during the period. Mountain Pacific Investment Advisers LLC increased its stake in shares of Progress Software by 66.6% in the second quarter. Mountain Pacific Investment Advisers LLC now owns 227,626 shares of the software maker’s stock worth $14,532,000 after buying an additional 91,003 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Progress Software by 9.0% in the first quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker’s stock worth $433,000 after buying an additional 694 shares during the period. Finally, Natixis Advisors LLC purchased a new position in shares of Progress Software in the first quarter worth $693,000.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRGS. DA Davidson reiterated a “buy” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday. Jefferies Financial Group lowered their price objective on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a report on Tuesday. Wedbush restated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Friday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Progress Software in a report on Saturday, September 27th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and a consensus price target of $70.00.

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.