On October 23, 2024, Ian Pitt, Chief Information Officer of Progress Software Corp (PRGS, Financial), executed a sale of 1,747 shares of the company. The transaction was filed on the same day with the SEC. Following this transaction, the insider now directly owns 3,167 shares of the company.
Progress Software Corp (PRGS, Financial) specializes in the development, deployment, and management of business applications. The company's offerings include a range of software products for application development, data connectivity, and secure file transfer, as well as a platform for cloud-based applications.
Over the past year, Ian Pitt has sold a total of 9,305 shares of Progress Software Corp and has not made any purchases of the stock. This recent sale is part of a broader trend observed within the company, where there have been 31 insider sells and no insider buys over the past year.
Shares of Progress Software Corp were trading at $65.07 on the day of the sale. The company has a market cap of approximately $2.79 billion. The price-earnings ratio of the stock stands at 34.82, which is above both the industry median of 26.36 and the company's historical median.
The stock is currently considered to be Fairly Valued with a price-to-GF Value ratio of 1.03, based on a GF Value of $63.07. The GF Value is calculated considering historical trading multiples, an adjustment factor based on past returns and growth, and future business performance estimates.
This insider sale might interest investors tracking insider behaviors as an indicator of the company's future performance and valuation alignment.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
