Key Points
- CFO Anthony Folger sold 3,067 Progress Software shares at an average price of $40.36, totaling $123,784.12, under a pre-arranged Rule 10b5-1 trading plan. He retains 49,984 shares worth approximately $2.02 million.
- Progress Software’s latest quarterly earnings beat expectations, with EPS of $1.69 versus the $1.52 consensus, although revenue fell 1.5% year over year to $246.01 million.
- Analysts maintain a generally positive view, giving the stock a “Moderate Buy” consensus rating and an average price target of $51.57, compared with a recent share price of $43.35.
Progress Software Corporation (NASDAQ:PRGS - Get Free Report) CFO Anthony Folger sold 3,067 shares of the stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $40.36, for a total transaction of $123,784.12. Following the completion of the transaction, the chief financial officer directly owned 49,984 shares in the company, valued at approximately $2,017,354.24. This represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Progress Software Trading Up 2.6%
Shares of PRGS stock opened at $43.35 on Wednesday. The firm has a 50 day moving average price of $41.56 and a two-hundred day moving average price of $35.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 2.33. The company has a market capitalization of $1.77 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.77 and a beta of 0.89. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $47.25.
Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Wednesday, September 30th. The software maker reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.52 by $0.17. Progress Software had a return on equity of 42.91% and a net margin of 9.24%. The company had revenue of $246.01 million during the quarter, compared to analysts' expectations of $247.33 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The business's revenue was down 1.5% on a year-over-year basis. Progress Software has set its Q4 2026 guidance at 1.240-1.330 EPS and its FY 2026 guidance at 6.150-6.230 EPS. As a group, analysts predict that Progress Software Corporation will post 4.78 earnings per share for the current year.
Analyst Ratings Changes
Several research firms recently issued reports on PRGS. Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. DA Davidson reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Progress Software in a report on Friday, October 2nd. Jefferies Financial Group upgraded Progress Software to a "hold" rating in a research report on Friday, September 25th. Zacks Research raised Progress Software from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Finally, Weiss Ratings raised Progress Software from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.57.
View Our Latest Stock Report on PRGS
Institutional Investors Weigh In On Progress Software
Several institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new position in Progress Software during the 1st quarter worth $26,000. Public Employees Retirement System of Ohio bought a new stake in shares of Progress Software during the 2nd quarter valued at $28,000. Parallel Advisors LLC lifted its position in shares of Progress Software by 142.0% during the 1st quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker's stock valued at $29,000 after acquiring an additional 653 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of Progress Software by 192.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker's stock valued at $57,000 after acquiring an additional 877 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Progress Software during the 2nd quarter worth $61,000.
Progress Software Company Profile
(
Get Free Report)
Progress Software Corporation (NASDAQ: PRGS) develops enterprise software designed to help organizations build, deploy, integrate, secure and manage business applications and digital services. Its portfolio supports application development, data connectivity, application integration, file transfer, network monitoring and digital experience management across cloud, on-premises and hybrid environments.
The company's products include OpenEdge for developing and operating business applications; Telerik and Kendo UI development tools; DataDirect data connectivity technologies; Sitefinity digital experience software; WhatsUp Gold network monitoring; MOVEit managed file transfer; and Chef automation and infrastructure-management tools.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
