Insider Selling: Progress Software Co. (NASDAQ:PRGS) Director Sells 5,000 Shares of Stock

Progress Software Co. (NASDAQ:PRGSGet Free Report) Director Charles Francis Kane sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $57.37, for a total value of $286,850.00. Following the transaction, the director now directly owns 62,110 shares of the company’s stock, valued at approximately $3,563,250.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $56.81 on Thursday. The stock has a 50 day moving average price of $55.31 and a 200 day moving average price of $55.63. Progress Software Co. has a 52 week low of $49.02 and a 52 week high of $62.34. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $2.49 billion, a PE ratio of 36.42, a price-to-earnings-growth ratio of 7.46 and a beta of 0.98.

Progress Software (NASDAQ:PRGSGet Free Report) last issued its quarterly earnings results on Tuesday, January 16th. The software maker reported $1.02 EPS for the quarter, beating the consensus estimate of $0.91 by $0.11. Progress Software had a return on equity of 37.42% and a net margin of 10.11%. The firm had revenue of $177.52 million during the quarter, compared to analysts’ expectations of $174.12 million. During the same period in the prior year, the firm posted $0.91 earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. Analysts predict that Progress Software Co. will post 3.8 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Friday, March 1st will be given a dividend of $0.175 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.70 annualized dividend and a yield of 1.23%. Progress Software’s dividend payout ratio (DPR) is presently 44.87%.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently bought and sold shares of PRGS. Raymond James & Associates lifted its stake in Progress Software by 23.6% in the 1st quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after purchasing an additional 9,590 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Progress Software by 19.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after purchasing an additional 1,108 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Progress Software by 57.1% in the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock valued at $1,097,000 after purchasing an additional 8,470 shares during the last quarter. Rhumbline Advisers lifted its stake in Progress Software by 7.3% in the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000 after purchasing an additional 7,594 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Progress Software by 14.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock worth $1,794,000 after buying an additional 4,951 shares during the last quarter.

About Progress Software

(Get Free Report)

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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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