Progress Software (PRGS) Hits New 1-Year Low Following Insider Selling

Shares of Progress Software Corp (NASDAQ:PRGS) hit a new 52-week low on Monday after an insider sold shares in the company. The company traded as low as $33.41 and last traded at $33.78, with a volume of 8756 shares traded. The stock had previously closed at $34.09.

Specifically, insider Dimitre Taslakov sold 2,000 shares of the stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $35.00, for a total transaction of $70,000.00. Following the sale, the insider now owns 43,431 shares in the company, valued at $1,520,085. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

PRGS has been the topic of several recent research reports. BidaskClub upgraded Progress Software from a “sell” rating to a “hold” rating in a report on Saturday, August 25th. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. National Securities initiated coverage on Progress Software in a report on Monday, July 16th. They issued a “buy” rating and a $50.00 price target on the stock. ValuEngine cut Progress Software from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Finally, Wedbush raised their price target on Progress Software from $39.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, June 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $40.00.

The firm has a market cap of $1.59 billion, a PE ratio of 19.51 and a beta of 0.81. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.03.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, September 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. Progress Software had a return on equity of 28.94% and a net margin of 15.30%. The business had revenue of $95.79 million for the quarter, compared to analysts’ expectations of $96.98 million. During the same quarter last year, the business earned $0.48 earnings per share. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. Equities analysts expect that Progress Software Corp will post 2.14 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be paid a $0.155 dividend. This is a positive change from Progress Software’s previous quarterly dividend of $0.14. The ex-dividend date is Friday, November 30th. This represents a $0.62 annualized dividend and a yield of 1.83%. Progress Software’s dividend payout ratio is presently 32.56%.

Large investors have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new position in Progress Software in the second quarter valued at about $140,000. Envestnet Asset Management Inc. lifted its stake in Progress Software by 1,425.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,843 shares of the software maker’s stock valued at $147,000 after buying an additional 3,591 shares during the period. Point72 Asia Hong Kong Ltd acquired a new position in Progress Software in the first quarter valued at about $149,000. Charter Trust Co. acquired a new position in Progress Software in the second quarter valued at about $200,000. Finally, SG Americas Securities LLC acquired a new position in Progress Software in the first quarter valued at about $209,000. 91.98% of the stock is currently owned by hedge funds and other institutional investors.

About Progress Software (NASDAQ:PRGS)

Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

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