Form 4: Progress Software EVP Sundar Subramanian Reports Stock Sale
SEC Form 4
Sundar Subramanian, EVP/GM Infrastructure Management at Progress Software, reported selling 5,799 shares of common stock on March 1, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- On March 1, 2024, Sundar Subramanian, an EVP/GM at Progress Software Corporation, sold 5,799 shares of common stock.
- The sale was executed under a Rule 10b5-1 trading plan adopted on August 9, 2023.
- The shares were sold at a weighted average price of $52.58, with individual trades ranging from $52.45 to $53.25 per share.
- Following the transaction, Subramanian directly owns 15,399 shares of Progress Software common stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing related to an insider stock sale. It doesn't inherently convey positive or negative sentiment.
Industry Context
This is a routine disclosure of an insider stock sale. It is common for executives to use 10b5-1 plans to diversify their holdings and avoid accusations of trading on inside information.
Stakeholder Impact
- The stock sale by an executive could be perceived negatively by some shareholders, although the use of a 10b5-1 plan mitigates concerns about insider trading.
Key Dates
| Date | Description |
|---|---|
| 2023-08-09 | Date of adoption of Rule 10b5-1 trading plan |
| 2024-03-01 | Date of stock sale transaction |
| 2024-03-05 | Date of Form 4 filing |
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