Ian Pitt, Chief Information Officer at Progress Software Corp (NASDAQ:PRGS), recently sold shares of the company in a transaction dated October 23, 2024. According to the SEC filing, Pitt sold 1,747 shares of Progress Software's common stock at an average price of $65.07 per share, totaling approximately $113,677.
This transaction was conducted under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Pitt adopted on July 24, 2024. Following this sale, Pitt retains ownership of 3,167 shares of the company's stock.
The sale was executed in multiple trades with prices ranging from $65.00 to $65.10 per share. Pitt has committed to providing full details of the individual transactions upon request to the SEC, the company, or any security holder.
In other recent news, Progress Software Corporation exceeded 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. Oppenheimer, maintaining an Outperform rating on the company, raised the price target to $80 from $70, predicting the company to surpass its Q4 sales guidance. The acquisition of ShareFile is expected to contribute an $18-20 million revenue boost, driving significant revenue growth in fiscal year 2025.
Citi, maintaining a Neutral rating, increased the price target for Progress Software to $65.00, citing disciplined cost management and timing of expenses that resulted in increases in operating profit margin and free cash flow margin. On the product side, Progress has launched an enhanced Flowmon platform, designed to expedite IP searches by up to ten times, aiding network administrators in quickly identifying network activities linked to specific IP addresses.
These are the recent developments for Progress Software, providing investors with a snapshot of the company's performance and strategic moves.
InvestingPro Insights
Following Ian Pitt's recent sale of Progress Software Corp (NASDAQ:PRGS) shares, it's worth examining some key financial metrics and insights provided by InvestingPro.
Progress Software currently boasts a market capitalization of $2.8 billion, reflecting its significant presence in the software industry. The company's P/E ratio stands at 34.25, indicating that investors are willing to pay a premium for its earnings. This aligns with an InvestingPro Tip highlighting that PRGS is trading at a high earnings multiple.
On the financial performance front, Progress Software has demonstrated strong profitability. The company's gross profit margin is an impressive 86.28% for the last twelve months as of Q3 2024. This is corroborated by an InvestingPro Tip that points out the company's "impressive gross profit margins."
Despite the recent insider sale, Progress Software has shown robust stock performance. The company's shares have delivered a 26.46% total return over the past six months and a 28.94% return over the last year. This positive momentum is reflected in another InvestingPro Tip, which notes that PRGS is "trading near its 52-week high."
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips for Progress Software, providing a deeper understanding of the company's financial health and market position.
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