Progress Software Co. (PRGS) Director Michael Mark Sells 12,690 Shares of Stock

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.

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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.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Thursday, May 31st. Progress Software’s payout ratio is 32.56%.

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.

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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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