Rainer Gawlick, a director at Progress Software Corp (PRGS), recently picked up 1,000 shares of the company. That increased his share count by 3 percent. The buy came to just over $32,000.
That makes him the third insider to buy this month, following a CEO buy of 2,700 shares, costing just over $101,000. The company CFO also bought shares on October 1st, picking up 2,622 shares and paying just under $99,000.
Insiders at the company were net sellers earlier in the year at prices as much as 15 percent higher than where shares currently trade. Since company insiders tend to be the most knowledgeable about their company, the recent spate of insider buys looks attractive here.
- New “Forever Battery” To Usher In New Age Of Energy
The breakthrough battery technology being dubbed as “The Tesla Killer”.
Find out why you need to act now to take advantage of this incredible opportunity.
Tech investing legend Matt McCall reveals a secretly emerging $3 trillion industry HERE.
The business software application developer has seen shares trade flat over the past year.
Action to take: Investors looking for a profitable software company that’s growing right now outside of big and established names may want to take a closer look at this company. Shares trade at 12 times forward earnings, earnings are growing by 77 percent per year, and the company even pays a 1.8 percent dividend.
With shares well off their 52-week highs and insiders buying now, the March 2021 $40 calls look like a great trade here. Trading near-the-money with a bid/ask spread of $3.65, the option could be worth as much as $10 if shares hit their old 52-week high around $50 by expiration.