Progress Software Co. (NASDAQ:PRGS) Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its holdings in Progress Software Co. (NASDAQ:PRGS - Free Report) by 260.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,592 shares of the software maker's stock after buying an additional 74,864 shares during the period. Hsbc Holdings PLC owned about 0.24% of Progress Software worth $6,744,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRGS. Bessemer Group Inc. boosted its position in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after buying an additional 296 shares during the period. Smartleaf Asset Management LLC raised its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after buying an additional 688 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after purchasing an additional 619 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after buying an additional 394 shares during the last quarter. Finally, KBC Group NV boosted its stake in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after acquiring an additional 719 shares in the last quarter.

Insider Activity

In related news, CAO Domenic Lococo sold 1,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares of the company's stock, valued at approximately $242,000.72. This represents a 18.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Insiders sold 19,613 shares of company stock valued at $1,107,403 in the last three months. 3.40% of the stock is currently owned by company insiders.

Progress Software Stock Up 0.3 %

Shares of PRGS traded up $0.17 during mid-day trading on Thursday, reaching $60.13. The company's stock had a trading volume of 348,068 shares, compared to its average volume of 557,260. The stock has a market cap of $2.59 billion, a PE ratio of 38.55, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. 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 is $56.11 and its 200 day moving average is $61.17. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same quarter in the prior year, the firm earned $1.25 EPS. Progress Software's quarterly revenue was up 28.9% on a year-over-year basis. Equities analysts anticipate that Progress Software Co. will post 4.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.