Progress Software Corporation (NASDAQ:PRGS) Receives $50.50 Average Target Price from Brokerages

Shares of Progress Software Corporation (NASDAQ:PRGS) have received an average rating of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $52.1667.

A number of brokerages have issued reports on PRGS. Oppenheimer cut their price target on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, July 1st. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. Weiss Ratings raised Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. Finally, DA Davidson increased their target price on Progress Software from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total value of $405,547.19. Following the completion of the transaction, the executive vice president directly owned 18,370 shares in the company, valued at $703,019.90. This represents a 36.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors and hedge funds have recently modified their holdings of PRGS. Geneos Wealth Management Inc. bought a new position in shares of Progress Software during the first quarter worth $26,000. Parallel Advisors LLC grew its stake in Progress Software by 142.0% during the first quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker’s stock valued at $29,000 after acquiring an additional 653 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Progress Software by 194.1% in the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after acquiring an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Progress Software in the 4th quarter valued at $42,000. Finally, Advisors Asset Management Inc. lifted its stake in Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares in the last quarter.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $43.73 on Tuesday. The company has a market capitalization of $1.79 billion, a P/E ratio of 21.23, a P/E/G ratio of 1.84 and a beta of 0.81. Progress Software has a 1-year low of $23.82 and a 1-year high of $47.37. The firm’s 50 day simple moving average is $37.06 and its two-hundred day simple moving average is $34.48. The company has a debt-to-equity ratio of 2.55, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.16. The firm had revenue of $253.47 million during the quarter, compared to analysts’ expectations of $242.74 million. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.40 earnings per share. Progress Software has set its FY 2026 guidance at 6.090-6.210 EPS and its Q3 2026 guidance at 1.530-1.590 EPS. Research analysts expect that Progress Software will post 4.77 EPS for the current fiscal year.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.