Sundar Subramanian, EVP and GM of Infrastructure Mgmt at Progress Software Corporation (NASDAQ:PRGS), reported the sale of 23,194 shares of Common Stock across March 10, 2026 and March 11, 2026, following the exercise of 4,020 stock options, according to an SEC Form 4 filing.
Metric | Value |
|---|---|
Shares sold (direct) | 23,194 |
Transaction value | ~$874K |
Post-transaction common shares (direct) | 15,542 |
Post-transaction value (direct ownership) | ~$566K |
Transaction value based on SEC Form 4 weighted average purchase price ($37.69); post-transaction value based on the post-sale holdings value as of March 11, 2026 ($566,350.48).
What was the structure and timing of the transaction?
The trade was executed as an exercise-and-sell, with 4,020 options exercised and a total of 23,194 shares sold directly in the open market across two days, March 10 and March 11, 2026.How does this trade compare to Sundar’s historical trading activity?
This transaction is substantially larger than Sundar’s historical median open-market sale of 1,227 shares.What is the impact on Sundar’s overall equity exposure?
Following the sale, Sundar’s direct Common Stock holdings declined from 38,736 to 15,542 shares.What is the market context for this transaction?
The sale occurred with Progress Software Corporation shares priced at around $37.69, whereas the stock closed at $36.44 on March 11, 2026; as of March 15, 2026, the stock is priced at $34.30, with shares falling roughly 40% over the past year.
Metric | Value |
|---|---|
Price (as of market close 3/11/26) | $37.69 |
Revenue (TTM) | $977.83 million |
Net income (TTM) | $73.13 million |
Progress Software Corporation offers a broad portfolio including application development platforms (OpenEdge), developer tools, web content management (Sitefinity), business rules management (Corticon), secure file transfer (MOVEit), infrastructure automation (Chef), and network monitoring solutions (WhatsUp Gold, Kemp LoadMaster, Flowmon).
The firm generates revenue primarily through software licensing, subscriptions, and support services, complemented by professional and training services.
It serves end users, independent software vendors, OEMs, and system integrators across North America, EMEA, Asia Pacific, and Latin America.
Progress Software Corporation is a mid-sized enterprise software provider with a global footprint and a diversified suite of mission-critical solutions. The company focuses on enabling organizations to develop, deploy, and manage business applications efficiently across cloud, hybrid, and on-premises environments. Its competitive edge stems from a comprehensive product portfolio, strong recurring revenue streams, and a focus on automation and secure data connectivity.
