Progress Software Co. (NASDAQ:PRGS) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets lowered its position in shares of Progress Software Co. (NASDAQ:PRGS) by 82.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 296,002 shares of the software maker’s stock after selling 1,439,992 shares during the period. BNP Paribas Financial Markets’ holdings in Progress Software were worth $19,942,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PRGS. Assetmark Inc. boosted its stake in Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after purchasing an additional 286 shares during the period. Blue Trust Inc. raised its holdings in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software during the second quarter worth about $27,000. Finally, Exchange Traded Concepts LLC increased its position in Progress Software by 1.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after acquiring an additional 559 shares during the period.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PRGS. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer lifted their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. DA Davidson increased their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $67.67.

Progress Software Stock Up 1.3 %

PRGS opened at $68.41 on Friday. Progress Software Co. has a one year low of $48.00 and a one year high of $70.56. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 36.58, a PEG ratio of 8.52 and a beta of 0.92. The business’s fifty day moving average is $66.01 and its two-hundred day moving average is $58.45. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter in the previous year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Analysts anticipate that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Progress Software Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.