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On April 1, 2025, Progress Software Corp’s (NASDAQ:PRGS), a technology company with a market capitalization of $2.5 billion and impressive gross profit margins of 86%, saw its Chief Accounting Officer, Domenic LoCoco, execute a series of stock transactions. The most notable activity was the sale of 7,185 shares, which netted approximately $410,407. These shares were sold at an average price of $57.12 per share, following a Rule 10b5-1 trading plan that LoCoco adopted in July 2024. According to InvestingPro data, the stock is currently trading near its Fair Value.
In addition to the sale, LoCoco was involved in multiple acquisitions of common stock through the exercise of stock options and restricted stock units. These acquisitions were executed at prices ranging from $0 to $47.16 per share, totaling around $323,400.
Moreover, LoCoco’s transactions included withholding shares to cover tax obligations, with these shares valued at a total of $34,145, based on a price of $56.16 per share.
Following these transactions, LoCoco’s direct ownership of Progress Software common stock stands at 5,762 shares.
In other recent news, Progress Software reported impressive financial results for the first quarter of fiscal year 2025, surpassing earnings expectations. The company’s earnings per share (EPS) reached $1.31, significantly higher than the projected $1.06, while revenue totaled $238 million, slightly above the forecasted $235.6 million. This strong performance was complemented by a 48% year-over-year increase in Annualized Recurring Revenue (ARR), which now stands at $836 million. The successful integration of ShareFile, a recent acquisition, has been a key contributor to these results and has progressed faster than anticipated, aligning with the company’s strategic goals.
DA Davidson maintained a Buy rating on Progress Software, with a price target of $75, citing confidence in the company’s ability to achieve its operating margin targets. The firm’s analysts highlighted the robust inorganic growth and the company’s effective management strategy as reasons for their positive outlook. Additionally, Progress Software’s focus on both inorganic and organic growth strategies has been well-received, and the integration of ShareFile is seen as a strategic move that is already yielding benefits.
Looking forward, Progress Software has provided revenue guidance for fiscal year 2025 between $958 million and $970 million, with EPS expected to range from $5.25 to $5.37. The company plans to continue its focus on debt repayment and explore mergers and acquisitions, particularly in the SaaS sector, while maintaining a strong operating margin target for ShareFile. These recent developments underscore Progress Software’s strategic initiatives and financial health, capturing the attention of investors and market analysts alike.
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