Progress Software (NASDAQ:PRGS) Stock: Insider Anthony Folger Sells 3,067 Shares

Progress Software Corporation (NASDAQ:PRGS) CFO Anthony Folger sold 3,067 shares of the company’s stock in a transaction on 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 sale, 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 legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progress Software Trading Up 0.9%

PRGS opened at $43.72 on Thursday. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $47.25. The company has a fifty day moving average of $41.56 and a 200-day moving average of $36.11. The stock has a market cap of $1.79 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 1.82 and a beta of 0.89. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 2.33.

Progress Software (NASDAQ:PRGS) last released its earnings results on Wednesday, September 30th. The software maker reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.17. The business had revenue of $246.01 million for the quarter, compared to analyst estimates of $247.33 million. Progress Software had a net margin of 9.24% and a return on equity of 42.91%. Progress Software’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 earnings per share. 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. On average, sell-side analysts predict that Progress Software Corporation will post 4.78 EPS for the current year.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. The Manufacturers Life Insurance Company bought a new position in shares of Progress Software in the second quarter valued at $40,780,000. Heron Bay Capital Management acquired a new position in shares of Progress Software during the second quarter valued at about $34,011,000. Arrowstreet Capital Limited Partnership increased its position in shares of Progress Software by 133.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker’s stock worth $31,335,000 after acquiring an additional 698,611 shares in the last quarter. Rice Hall James & Associates LLC bought a new stake in shares of Progress Software during the second quarter worth about $19,149,000. Finally, Oaktop Capital Management II L.P. acquired a new stake in shares of Progress Software in the 2nd quarter worth about $17,079,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Oppenheimer cut their target price on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Yorkville Ives started coverage on Progress Software in a report on Wednesday, October 7th. They issued an “outperform” rating and a $48.00 target price for the company. Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Wednesday, July 1st. Jefferies Financial Group raised Progress Software to a “hold” rating in a research note on Friday, September 25th. Finally, Zacks Research upgraded Progress Software from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $51.57.

About Progress Software

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.