Traders Purchase Large Volume of Put Options on Progress Software (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) saw unusually large options trading on Friday. Stock investors acquired 18,072 put options on the stock. This is an increase of approximately 9,996% compared to the average daily volume of 179 put options.

Wall Street Analysts Forecast Growth

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

Progress Software Stock Up 0.4 %

PRGS stock opened at $54.43 on Friday. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 34.89, a PEG ratio of 2.82 and a beta of 0.88. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The firm has a fifty day moving average price of $56.97 and a two-hundred day moving average price of $62.21. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Insider Transactions at Progress Software

In related news, 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 sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 over the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Progress Software in the fourth quarter valued at approximately $7,966,000. Mackenzie Financial Corp lifted its holdings in shares of Progress Software by 22.2% in the 4th quarter. Mackenzie Financial Corp now owns 36,562 shares of the software maker’s stock worth $2,382,000 after purchasing an additional 6,640 shares during the last quarter. Orion Capital Management LLC acquired a new position in Progress Software during the 4th quarter valued at approximately $33,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Progress Software by 17.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,639 shares of the software maker’s stock valued at $9,293,000 after purchasing an additional 21,289 shares during the period. Finally, Woodline Partners LP grew its stake in Progress Software by 9.9% during the 4th quarter. Woodline Partners LP now owns 109,072 shares of the software maker’s stock worth $7,106,000 after buying an additional 9,789 shares during the last quarter.

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.