Progress Software Co. (NASDAQ:PRGS) Insider Sells $157,834.62 in Stock

Progress Software Co. (NASDAQ:PRGS) insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Progress Software Stock Up 1.2 %

Shares of NASDAQ:PRGS opened at $55.08 on Friday. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $62.34. The company’s 50-day moving average price is $50.95 and its two-hundred day moving average price is $52.99. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The firm has a market cap of $2.38 billion, a P/E ratio of 33.59, a P/E/G ratio of 6.99 and a beta of 0.93.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio is currently 42.68%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Guggenheim restated a “buy” rating and issued a $64.00 price objective on shares of Progress Software in a research note on Tuesday, June 25th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. DA Davidson restated a “buy” rating and issued a $65.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.14.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 79.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the last quarter. Norges Bank bought a new position in shares of Progress Software in the 4th quarter valued at about $15,701,000. Swedbank AB bought a new position in shares of Progress Software in the 1st quarter valued at about $10,356,000. Vanguard Group Inc. boosted its stake in shares of Progress Software by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,496,755 shares of the software maker’s stock valued at $289,019,000 after purchasing an additional 123,157 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted 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 valued at $7,213,000 after purchasing an additional 88,175 shares during 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.