BEDFORD, MA—Jarrett Loren, Executive Vice President and General Manager of Digital Experience at Progress Software Corp (NASDAQ:PRGS), recently sold shares of the company. According to a filing with the Securities and Exchange Commission, Loren sold 1,666 shares of common stock on November 4, 2024, at a price of $63.97 per share, amounting to a total transaction value of $106,574.
Following this transaction, Loren retains ownership of 13,524 shares in the company. The sale was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on February 6, 2024.
In other recent news, Progress has successfully acquired ShareFile, a SaaS-native, AI-powered collaboration platform from Cloud Software (ETR:SOWGn) Group, Inc., for $875 million. This strategic move is expected to add over $240 million in annual revenue and expand the customer base by more than 86,000. The company has also surpassed Q3 expectations with a 2% year-over-year increase in revenue, reaching $179 million, and a 17% growth in earnings per share to $1.26. Analyst firms DA Davidson, Oppenheimer, and Citi have shown confidence in Progress, with DA Davidson and Oppenheimer upgrading their price targets for the company. Additionally, Progress has unveiled an enhanced version of its Flowmon platform, designed to expedite IP searches by up to ten times, providing quicker identification of network activities linked to specific IP addresses. These are the latest developments in the operations of Progress Software Corporation.
InvestingPro Insights
Progress Software Corp (NASDAQ:PRGS) has been showing strong market performance, with the stock trading near its 52-week high and demonstrating a robust return over the last three months. According to InvestingPro data, the company's shares have seen a 15.87% price total return in the past three months and an impressive 27.41% over the last six months.
The company's financial health appears solid, with InvestingPro Tips highlighting impressive gross profit margins. This is reflected in the data, which shows a gross profit margin of 86.28% for the last twelve months as of Q3 2024. Additionally, Progress Software has been profitable over the last twelve months, with analysts predicting continued profitability for the current year.
However, investors should note that Progress Software is trading at a high P/E ratio of 34.07, which is relatively high compared to its near-term earnings growth. This valuation metric suggests that the stock may be priced at a premium relative to its earnings potential.
For those interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for Progress Software, providing a deeper insight into the company's financial position and market outlook.
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