Anthony Folger Sells 15,000 Shares of Progress Software Co. (NASDAQ:PRGS) Stock

Progress Software Co. (NASDAQ:PRGS) CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Progress Software Stock Performance

Shares of NASDAQ:PRGS traded up $0.66 during trading on Tuesday, reaching $57.33. 687,147 shares of the company’s stock traded hands, compared to its average volume of 839,665. 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 company has a 50 day moving average of $64.31 and a 200-day moving average of $62.48. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The stock has a market capitalization of $2.49 billion, a P/E ratio of 36.75, a price-to-earnings-growth ratio of 2.86 and a beta of 0.93.

Institutional Trading of Progress Software

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. increased its stake in shares of Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after acquiring an additional 286 shares during the period. TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% during the 3rd 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. Blue Trust Inc. raised its stake in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after buying an additional 394 shares in the last quarter. GAMMA Investing LLC boosted its stake in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in Progress Software by 6.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after acquiring an additional 523 shares during the period.

Analysts Set New Price Targets

A number of brokerages recently commented on PRGS. Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. DA Davidson reiterated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Oppenheimer upped their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.43.

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.