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Ian Pitt, Chief Information Officer of Progress Software Corp (NASDAQ:PRGS), a technology company with a market capitalization of $2.35 billion and impressive gross profit margins of 86%, recently sold 703 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $56.29 each, totaling $39,571. Following this transaction, Pitt retains ownership of 8,317 shares in the company. The sale was executed as part of a pre-established Rule 10b5-1 trading plan, which was adopted on July 24, 2024. While this insider sale occurred, InvestingPro data shows management has been actively buying back shares, and the company's stock is currently trading near $54.69, suggesting potential value opportunity based on InvestingPro's Fair Value analysis.For deeper insights into Progress Software's valuation and 8 additional key investment tips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Progress Software reported a strong start to fiscal year 2025, with Q1 earnings surpassing expectations. The company achieved an earnings per share (EPS) of $1.31, significantly above the forecasted $1.06, and revenue reached $238 million, slightly exceeding the projected $235.6 million. Progress Software's integration of ShareFile is advancing rapidly, contributing to a 48% year-over-year increase in Annualized Recurring Revenue (ARR), now totaling $836 million. The company's operating margin stood at 39%, demonstrating effective cost management and integration efforts.
Additionally, DA Davidson maintained its Buy rating on Progress Software, with a price target of $75, highlighting the company's strong performance and successful integration strategies. The analysts expressed confidence in Progress Software's management to achieve their financial objectives, including a targeted operating margin of 40%. The company's focus on both inorganic and organic growth has been well-received, with strategic acquisitions like ShareFile positioning it for future success.
Progress Software has also provided guidance for FY2025, with expected revenue between $958 million and $970 million and EPS ranging from $5.25 to $5.37. The company plans to continue focusing on debt repayment and exploring M&A opportunities, particularly in the SaaS sector. CEO Yogesh Gupta emphasized the strategic importance of AI in the company's growth plans, noting that it has been a part of their strategy for many years.
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