On February 2, 2024, Anthony Folger, the CFO of Progress Software Corp (NASDAQ:PRGS), executed a sale of 15,000 shares of the company, according to a recent SEC filing. This transaction is part of a series of sales by the insider over the past year, with a total of 31,288 shares sold, with no recorded purchases in the same period.
Progress Software Corp is a global software company providing application development and digital experience technologies. The company enables customers to efficiently develop, deploy and manage business applications. Progress Software’s offering includes web, mobile and data connectivity solutions, as well as cloud-based project management tools.
The history of insider transactions for Progress Software Corp shows a pattern of insider selling, with 33 insider sales and no insider purchases in the last year.
On the valuation front, shares of Progress Software Corp were trading at $57.36 on the day of the insider’s recent sale, giving the company a market capitalization of $2.510 billion. The price-to-earnings ratio was 36.68, above both the industry average of 26.61 and the company’s historical average price-to-earnings ratio.
According to the GuruFocus Value chart, Progress Software Corp, with a share price of $57.36 and a GF value of $63.00, has a price-to-GF value ratio of 0.91, indicating that the stock is fairly valued is.
The GF value is determined by taking into account historical trading multiples, a GuruFocus adjustment factor based on past returns and growth, and estimates of future business performance from Morningstar analysts.
This article, generated by GuruFocus, is intended to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, uses an unbiased methodology and is not intended as specific investment guidance. It does not make a recommendation to purchase or dispose of shares and does not take into account individual investment objectives or financial circumstances. Our goal is to deliver fundamental, long-term data-driven analysis. Please note that our analysis may not include the most recent price-sensitive company announcements or qualitative information. GuruFocus has no positions in the stocks mentioned herein.
This article first appeared on GuruFocus.