Progress Software Co. (NASDAQ:PRGS) Insider Ian Pitt Sells 1,482 Shares

Progress Software Co. (NASDAQ:PRGS) insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Progress Software Price Performance

Shares of NASDAQ PRGS traded up $0.66 during trading on Tuesday, hitting $57.33. 687,147 shares of the company were exchanged, compared to its average volume of 839,665. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 36.75, a PEG ratio of 2.86 and a beta of 0.93. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The firm’s fifty day moving average price is $64.31 and its 200 day moving average price is $62.48. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Institutional Investors Weigh In On Progress Software

Several institutional investors have recently made changes to their positions in PRGS. GAMMA Investing LLC boosted its position in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 shares in the last quarter. Blue Trust Inc. lifted its holdings in Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after purchasing an additional 394 shares in the last quarter. KBC Group NV lifted its holdings in Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after purchasing an additional 719 shares in the last quarter. Finally, Prudent Man Advisors LLC acquired a new position in shares of Progress Software during the 3rd quarter valued at about $201,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday, January 17th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Jefferies Financial Group boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and an average target price of $72.43.

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.