Traders Buy Large Volume of Call Options on Progress Software (NASDAQ:PRGS)

Progress Software Corporation (NASDAQ:PRGS) was the target of unusually large options trading on Tuesday. Investors purchased 6,757 call options on the stock. This is an increase of 316% compared to the typical daily volume of 1,625 call options.

Insider Transactions at Progress Software

In other Progress Software news, Director Rainer Gawlick acquired 1,710 shares of the stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the purchase, the director directly owned 55,544 shares of the company’s stock, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 5,529 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the transaction, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. This trade represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Progress Software

A number of institutional investors and hedge funds have recently bought and sold shares of PRGS. Maseco LLP purchased a new position in shares of Progress Software during the second quarter valued at about $28,000. Quaker Wealth Management LLC boosted its stake in Progress Software by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker’s stock valued at $29,000 after buying an additional 900 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Progress Software during the second quarter valued at approximately $41,000. Osaic Holdings Inc. boosted its stake in Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after buying an additional 637 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares in the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the topic of several analyst reports. Guggenheim reiterated a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded Progress Software from a “buy” rating to a “hold” rating in a research note on Saturday, September 13th. Wedbush reissued an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday. Finally, Jefferies Financial Group dropped their price target on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.00.

Progress Software Trading Up 3.1%

PRGS stock opened at $43.93 on Wednesday. Progress Software has a 1-year low of $40.29 and a 1-year high of $70.56. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 39.94, a PEG ratio of 2.02 and a beta of 0.68. The business has a 50 day simple moving average of $44.76 and a two-hundred day simple moving average of $53.53.

Progress Software (NASDAQ:PRGS) last released its earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 5.16% and a return on equity of 44.59%. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The company’s quarterly revenue was up 35.6% compared to the same quarter last year. Research analysts anticipate that Progress Software will post 4.01 EPS for the current fiscal year.

Progress Software Company Profile

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.