Progress Software Co. (NASDAQ:PRGS) Director Michael Mark sold 12,690 shares of Progress Software stock in a transaction dated Thursday, April 19th. The stock was sold at an average price of $38.84, for a total value of $492,879.60. Following the transaction, the director now directly owns 212,605 shares in the company, valued at $8,257,578.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of NASDAQ:PRGS opened at $37.25 on Tuesday. The stock has a market capitalization of $1,719.38, a PE ratio of 21.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.17 and a current ratio of 1.17. Progress Software Co. has a 1 year low of $28.63 and a 1 year high of $53.60.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, March 28th. The software maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.07. The company had revenue of $94.19 million for the quarter, compared to the consensus estimate of $92.47 million. Progress Software had a return on equity of 23.37% and a net margin of 12.69%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 EPS. equities research analysts forecast that Progress Software Co. will post 2.05 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. Swiss National Bank increased its position in Progress Software by 3.2% in the 4th quarter. Swiss National Bank now owns 74,000 shares of the software maker’s stock valued at $3,150,000 after buying an additional 2,300 shares in the last quarter. Mackenzie Financial Corp increased its position in Progress Software by 30.6% in the 4th quarter. Mackenzie Financial Corp now owns 171,084 shares of the software maker’s stock valued at $7,283,000 after buying an additional 40,118 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Progress Software in the 4th quarter valued at about $642,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Progress Software by 884.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,060 shares of the software maker’s stock valued at $684,000 after buying an additional 14,428 shares in the last quarter. Finally, Spark Investment Management LLC increased its position in Progress Software by 114.3% in the 4th quarter. Spark Investment Management LLC now owns 60,000 shares of the software maker’s stock valued at $2,554,000 after buying an additional 32,000 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on PRGS shares. Sidoti raised Progress Software from a “neutral” rating to a “buy” rating in a research note on Tuesday, April 3rd. BidaskClub raised Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, March 16th. Benchmark reissued a “buy” rating and issued a $47.00 price objective (up from $42.00) on shares of Progress Software in a research note on Tuesday, January 2nd. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Thursday, April 12th. Finally, ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Progress Software currently has a consensus rating of “Hold” and an average price target of $44.00.
About Progress Software
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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