BEDFORD, MA – Jarrett Loren, Executive Vice President and General Manager of Digital Experience at Progress Software Corp (NASDAQ:), recently sold shares of the company. According to a filing with the Securities and Exchange Commission, on November 4, 2024, Loren sold 1,666 shares of its common stock at a price of $63.97 per share, for a total transaction value of $106,574.
Following this transaction, Loren will retain ownership of 13,524 shares in the company. The sale was made under a pre-established trading plan under Rule 10b5-1, which was adopted on February 6, 2024.
In other recent news, Progress successfully acquired ShareFile, a SaaS-native, AI-powered collaboration platform from Cloud Software (ETR:) Group, Inc., for $875 million. This strategic move is expected to add more than $240 million in annual revenue and expand its customer base by more than 86,000. The company also beat third-quarter expectations with revenue up 2% year over year to $179 million, and 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 raising their price targets for the company. In addition, Progress has unveiled an enhanced version of its Flowmon platform, designed to speed up IP searches by up to ten times, allowing for faster identification of network activities associated with specific IP addresses. These are the latest developments in Progress Software Corporation’s activities.
InvestingPro Insights
Progress Software Corp (NASDAQ:PRGS) has posted strong market performance, with the stock trading near a 52-week high and showing robust returns over the past three months. According to InvestingPro data, the company’s shares have seen a total price return of 15.87% over the past three months and an impressive 27.41% over the past six months.
The company’s financial health appears solid, with InvestingPro Tips showing impressive gross profit margins. This is reflected in the data, which shows a gross profit margin of 86.28% for the trailing twelve months as of Q3 2024. Additionally, Progress Software has been profitable over the past twelve months, with analysts predicting continued profitability for the current year to predict.
However, investors should note that Progress Software is trading at a high price-to-earnings ratio of 34.07, which is relatively high compared to its near-term earnings growth. This valuation metric suggests the stock may be priced higher than its earnings potential.
For those interested in a more in-depth analysis, InvestingPro offers 13 additional tips for Progress Software, which provide a deeper insight into the company’s financial position and market prospects.
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