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

BNP Paribas Financial Markets decreased its stake in Progress Software Co. (NASDAQ:PRGS - Free Report) by 50.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 146,956 shares of the software maker's stock after selling 149,046 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.34% of Progress Software worth $9,574,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Pacer Advisors Inc. lifted its stake in shares of Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after buying an additional 1,140,626 shares in the last quarter. Natixis lifted its stake in shares of Progress Software by 287.1% in the fourth quarter. Natixis now owns 518,700 shares of the software maker's stock worth $33,793,000 after buying an additional 384,700 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Progress Software in the fourth quarter worth about $15,432,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Progress Software by 468.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock worth $12,139,000 after buying an additional 153,517 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Progress Software in the fourth quarter worth about $9,699,000.

Insiders Place Their Bets

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 703 shares of the firm's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the completion of the sale, the insider now owns 8,317 shares in the company, valued at $468,163.93. The trade was a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Wedbush reissued an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Guggenheim reaffirmed a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Finally, DA Davidson reduced their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.33.

Progress Software Trading Down 1.2%

PRGS stock traded down $0.72 during trading on Wednesday, reaching $61.80. 432,956 shares of the stock were exchanged, compared to its average volume of 563,159. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The business has a 50 day moving average price of $57.18 and a 200-day moving average price of $60.90. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 39.62, a P/E/G ratio of 2.82 and a beta of 0.67.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.27. The business had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business's revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 EPS. On average, research analysts predict that Progress Software Co. will post 4.01 earnings per share for the current 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.