David Krall Sells 20,000 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) Director David Krall sold 20,000 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now directly owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Progress Software Price Performance

PRGS stock opened at $50.59 on Thursday. Progress Software Co. has a 52-week low of $49.00 and a 52-week high of $62.34. The business has a fifty day moving average of $53.34 and a two-hundred day moving average of $53.72. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 32.85, a price-to-earnings-growth ratio of 6.51 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same period last year, the company earned $1.01 EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, research analysts anticipate that Progress Software Co. will post 3.85 earnings per share for the current year.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.175 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.38%. Progress Software’s dividend payout ratio is currently 45.45%.

Analyst Ratings Changes

Several equities analysts have issued reports on PRGS shares. DA Davidson assumed coverage on shares of Progress Software in a report on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Finally, Wedbush boosted their price target on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $64.60.

Institutional Trading of Progress Software

Several institutional investors have recently added to or reduced their stakes in PRGS. GAMMA Investing LLC acquired a new position in Progress Software during the fourth quarter worth $28,000. Headlands Technologies LLC acquired a new position in Progress Software during the 3rd quarter worth about $40,000. Orion Capital Management LLC purchased a new position in Progress Software during the 3rd quarter valued at about $41,000. Clear Street Markets LLC acquired a new position in Progress Software in the 3rd quarter valued at about $50,000. Finally, Federated Hermes Inc. increased its stake in Progress Software by 46.7% during the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after purchasing an additional 371 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.