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

BNP Paribas Financial Markets lowered its stake 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 fund owned 296,002 shares of the software maker’s stock after selling 1,439,992 shares during the period. BNP Paribas Financial Markets owned 0.69% of Progress Software worth $19,942,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC grew its position in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares during the period. Blue Trust Inc. increased its stake in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares during the last quarter. Quest Partners LLC acquired a new stake in Progress Software during the second quarter worth $160,000. Finally, Prudent Man Advisors LLC purchased a new stake in Progress Software in the third quarter valued at $201,000.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRGS shares. DA Davidson raised their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim lifted their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One equities research 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.com, the stock has an average rating of “Buy” and an average price target of $67.67.

Insider Buying and Selling

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

Progress Software Stock Performance

Shares of PRGS stock opened at $68.41 on Friday. The firm has a 50 day moving average of $66.01 and a two-hundred day moving average of $58.45. The stock has a market capitalization of $2.94 billion, a PE ratio of 36.58, a P/E/G ratio of 8.52 and a beta of 0.92. 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 52 week low of $48.00 and a 52 week high of $70.56.

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

Progress Software Company 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.