Progress Software Co. (NASDAQ:PRGS) CAO Sells $17,433.00 in Stock

Progress Software Co. (NASDAQ:PRGS) CAO Domenic Lococo sold 300 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $58.11, for a total value of $17,433.00. Following the transaction, the chief accounting officer now directly owns 3,847 shares in the company, valued at approximately $223,549.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Progress Software Stock Up 0.0 %

Shares of NASDAQ PRGS opened at $55.43 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $2.37 billion, a PE ratio of 33.80, a price-to-earnings-growth ratio of 7.34 and a beta of 0.93. The stock’s fifty day simple moving average is $53.41 and its two-hundred day simple moving average is $53.26. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $62.34.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to analysts’ expectations of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. As a group, analysts expect that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.26%. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Institutional Trading of Progress Software

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Asset Management One Co. Ltd. lifted its holdings in shares of Progress Software by 103.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 25,573 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 13,008 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Progress Software by 0.5% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 472,228 shares of the software maker’s stock valued at $25,667,000 after purchasing an additional 2,567 shares during the last quarter. Ceredex Value Advisors LLC lifted its holdings in shares of Progress Software by 2.2% during the 4th quarter. Ceredex Value Advisors LLC now owns 280,718 shares of the software maker’s stock valued at $15,243,000 after purchasing an additional 6,118 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Progress Software by 0.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 395,787 shares of the software maker’s stock valued at $21,491,000 after purchasing an additional 2,581 shares during the last quarter. Finally, Kendall Capital Management lifted its holdings in shares of Progress Software by 1.4% during the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock valued at $758,000 after purchasing an additional 195 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRGS. Guggenheim reaffirmed a “buy” rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Jefferies Financial Group dropped their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. DA Davidson reissued a “buy” rating and issued a $65.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. Finally, Oppenheimer reissued an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.29.

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.