Yufan Stephanie Wang Sells 1,428 Shares of Progress Software (NASDAQ:PRGS) Stock

Progress Software Corporation (NASDAQ:PRGS) insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the sale, the insider owned 668 shares of the company’s stock, valued at approximately $30,901.68. This represents a 68.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Progress Software Price Performance

PRGS stock opened at $46.17 on Friday. The stock has a 50-day moving average price of $44.51 and a two-hundred day moving average price of $53.33. The stock has a market cap of $1.98 billion, a PE ratio of 41.97, a price-to-earnings-growth ratio of 2.11 and a beta of 0.67. The company has a current ratio of 0.44, a quick ratio of 0.43 and a debt-to-equity ratio of 2.22. Progress Software Corporation has a 1 year low of $40.29 and a 1 year high of $70.56.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRGS. Weiss Ratings reiterated a “hold (c-)” rating on shares of Progress Software in a report on Saturday, September 27th. DA Davidson reiterated a “buy” rating and set a $75.00 target price on shares of Progress Software in a report on Tuesday. Jefferies Financial Group reduced their price objective on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, September 30th. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Finally, Citigroup reduced their price objective on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Texas Permanent School Fund Corp increased its stake in Progress Software by 67.3% in the second quarter. Texas Permanent School Fund Corp now owns 43,781 shares of the software maker’s stock valued at $2,795,000 after acquiring an additional 17,607 shares during the last quarter. Osaic Holdings Inc. increased its stake in Progress Software by 183.0% in the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after acquiring an additional 637 shares during the last quarter. Squarepoint Ops LLC increased its stake in Progress Software by 7.3% in the second quarter. Squarepoint Ops LLC now owns 74,283 shares of the software maker’s stock valued at $4,742,000 after acquiring an additional 5,078 shares during the last quarter. TT Capital Management LLC bought a new position in Progress Software in the second quarter valued at approximately $211,000. Finally, State of Wyoming bought a new position in Progress Software in the second quarter valued at approximately $137,000.

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.