BNP Paribas Financial Markets Sells 1,439,992 Shares of Progress Software Co. (NASDAQ:PRGS)

BNP Paribas Financial Markets lessened its position in shares of Progress Software Co. (NASDAQ:PRGS - Free Report) by 82.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 296,002 shares of the software maker's stock after selling 1,439,992 shares during the quarter. BNP Paribas Financial Markets owned about 0.69% of Progress Software worth $19,942,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Boston Trust Walden Corp boosted its holdings in Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker's stock worth $106,713,000 after buying an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Progress Software by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker's stock worth $76,465,000 after buying an additional 34,318 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock worth $70,418,000 after buying an additional 43,936 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker's stock worth $64,985,000 after buying an additional 99,479 shares during the last quarter. Finally, Seizert Capital Partners LLC boosted its holdings in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker's stock worth $43,463,000 after buying an additional 20,355 shares during the last quarter.

Insider Activity at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction 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 transaction, the insider now owns 3,167 shares of the company's stock, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares of the company's stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded up $0.85 during midday trading on Friday, hitting $68.41. 331,249 shares of the company's stock were exchanged, compared to its average volume of 385,727. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software Co. has a 12 month low of $48.00 and a 12 month high of $70.56. The company's 50 day moving average price is $66.01 and its 200 day moving average price is $58.50. The firm has a market capitalization of $2.93 billion, a PE ratio of 36.58, a price-to-earnings-growth ratio of 8.63 and a beta of 0.92.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm's quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. As a group, analysts predict that Progress Software Co. will post 3.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About Progress Software

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.