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Progress Software CEO sells over $2.6 million in company stock

Published 04/03/2024, 04:26 PM
Updated 04/03/2024, 04:26 PM

Progress Software (NASDAQ:PRGS) Corporation's (NASDAQ:PRGS) Chief Executive Officer, Yogesh K Gupta, has recently engaged in significant stock transactions, according to the latest filings with the Securities and Exchange Commission. Gupta completed the sale of 50,808 shares of common stock, resulting in a total transaction value exceeding $2.6 million. The sales were executed at varying prices, ranging from $52.4809 to $53.3573 per share.

In addition to the sales, Gupta also acquired shares through the vesting of restricted stock units (RSUs). However, a portion of these shares was subsequently withheld by the company to satisfy tax withholding obligations related to the vesting of these RSUs. The total value of shares withheld amounted to approximately $467,989, priced uniformly at $52.97 per share.

Gupta's transactions took place under a Rule 10b5-1 trading plan, which was previously adopted on August 11, 2023. Such plans allow company insiders to establish pre-arranged plans to buy or sell company stock at a predetermined time, which can help to avoid concerns about insider trading.

Following these transactions, Gupta's direct ownership in the company has been adjusted to reflect the current holdings. The reported activities show the CEO's active management of his equity compensation in the form of RSUs and the subsequent sales in the open market.

For investors following insider trading patterns, these disclosures provide a glimpse into the actions of Progress Software's top executive and his recent dealings in the company's stock.

InvestingPro Insights

Amidst the stock transactions by Progress Software Corporation's (NASDAQ:PRGS) CEO, Yogesh K Gupta, investors may find additional context through InvestingPro insights. With a market capitalization of approximately $2.26 billion, Progress Software stands as a significant player in its industry. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, is 32.54, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at a slightly lower 26.93, indicating potential room for growth when compared to industry peers.

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InvestingPro data also highlights Progress Software's impressive gross profit margin of 85.82% over the last twelve months leading up to Q1 2024, suggesting efficient management and a strong market position. Furthermore, the company's revenue growth for the same period is reported at 15.06%, demonstrating a robust upward trajectory in its financial performance.

Investors considering the company's stock will find the following InvestingPro Tips particularly pertinent: Progress Software has a high shareholder yield and is expected to see net income growth this year. These factors, combined with the company's strong free cash flow yield as implied by its valuation, could be of interest to those looking for companies with solid financial health and potential for increased shareholder returns.

For those seeking deeper analysis, investing.com/pro/PRGS offers additional InvestingPro Tips, including insights on earnings revisions by analysts and stock price volatility. With six analysts having revised their earnings downwards for the upcoming period, it is important for potential investors to consider the broader analyst sentiment. Moreover, the stock is currently trading near its 52-week low, which may present a buying opportunity for value investors.

To access a comprehensive suite of insights and tips, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are eight more InvestingPro Tips available that could further inform your investment decisions regarding Progress Software Corporation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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