Ian Pitt Sells 703 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 703 shares of the firm’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares of the company’s stock, valued at $468,163.93. The trade was a 7.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Ian Pitt also recently made the following trade(s):

• On Monday, February 3rd, Ian Pitt sold 1,482 shares of Progress Software stock. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20.

Progress Software Stock Up 4.9 %

Shares of NASDAQ:PRGS opened at $57.38 on Thursday. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a 50 day moving average of $55.88 and a 200-day moving average of $61.97. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 36.78, a P/E/G ratio of 2.82 and a beta of 0.85.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. During the same quarter in the previous year, the company earned $1.25 EPS. Progress Software’s revenue was up 28.9% on a year-over-year basis. On average, sell-side analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current year.

Analyst Ratings Changes

PRGS has been the subject of several analyst reports. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Wedbush reissued an “outperform” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and a consensus price target of $75.17.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. grew its holdings in Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after purchasing an additional 296 shares during the period. Orion Capital Management LLC acquired a new position in Progress Software during the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC grew its holdings in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares during the period. GAMMA Investing LLC grew its holdings in Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after purchasing an additional 619 shares during the period. Finally, TD Private Client Wealth LLC grew its holdings in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 shares during the period.

About Progress Software

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.