Progress Software Co. (NASDAQ:PRGS) EVP Sundar Subramanian Sells 584 Shares

Progress Software Co. (NASDAQ:PRGS) EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the transaction, the executive vice president now directly owns 17,195 shares of the company’s stock, valued at approximately $857,858.55. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Sundar Subramanian also recently made the following trade(s):

• On Friday, March 1st, Sundar Subramanian sold 5,799 shares of Progress Software stock. The shares were sold at an average price of $52.58, for a total value of $304,911.42.
• On Friday, February 9th, Sundar Subramanian sold 2,475 shares of Progress Software stock. The stock was sold at an average price of $57.38, for a total value of $142,015.50.

Progress Software Price Performance

Progress Software stock traded up $0.33 during mid-day trading on Thursday, reaching $50.44. 228,967 shares of the company’s stock traded hands, compared to its average volume of 566,251. Progress Software Co. has a 12-month low of $49.00 and a 12-month high of $62.34. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. The stock has a 50 day moving average of $52.25 and a two-hundred day moving average of $53.59. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 32.54, a PEG ratio of 6.48 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 EPS. Equities analysts forecast that Progress Software Co. will post 3.85 earnings per share for the current year.

Progress Software Announces Dividend

The business also recently announced 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. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is 45.45%.

Analyst Ratings Changes

A number of research firms recently commented on PRGS. DA Davidson began coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. Wedbush raised their target price on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 10th. Finally, Oppenheimer restated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $64.60.

Hedge Funds Weigh In On Progress Software

Several large investors have recently modified their holdings of PRGS. Mizuho Markets Americas LLC purchased a new position in Progress Software during the third quarter worth $27,737,000. Diamond Hill Capital Management Inc. purchased a new position in shares of Progress Software during the 3rd quarter worth about $18,751,000. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 79.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after purchasing an additional 312,537 shares during the last quarter. Norges Bank purchased a new stake in Progress Software in the 4th quarter worth about $15,701,000. Finally, Vanguard Group Inc. raised its position in Progress Software by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,496,755 shares of the software maker’s stock worth $289,019,000 after purchasing an additional 123,157 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.