Man Group plc Makes New $392,000 Investment in Progress Software Corporation $PRGS

Man Group plc bought a new position in shares of Progress Software Corporation (NASDAQ:PRGS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,678 shares of the software maker’s stock, valued at approximately $392,000.

Other large investors have also recently made changes to their positions in the company. Jupiter Topco LLC acquired a new position in Progress Software during the second quarter worth approximately $648,000. Hsbc Holdings PLC purchased a new position in shares of Progress Software during the second quarter worth approximately $2,853,000. Legal & General Group Plc acquired a new position in shares of Progress Software in the 2nd quarter valued at $3,224,000. The Manufacturers Life Insurance Company purchased a new stake in Progress Software in the 2nd quarter valued at $40,780,000. Finally, Van Hulzen Asset Management LLC acquired a new stake in Progress Software during the 2nd quarter worth $1,211,000.

Insider Buying and Selling

In related news, EVP Sundar Subramanian sold 10,597 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the sale, the executive vice president directly owned 18,370 shares of the company’s stock, valued at approximately $703,019.90. This represents a 36.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company’s stock.

Progress Software Stock Down 1.3%

Shares of NASDAQ PRGS opened at $44.05 on Friday. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 21.38, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82. Progress Software Corporation has a 52 week low of $23.82 and a 52 week high of $47.37. The firm has a 50-day moving average price of $41.10 and a 200 day moving average price of $34.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.16. The company 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 firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last 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. Equities research analysts anticipate that Progress Software Corporation will post 4.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRGS. Guggenheim reiterated a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Wednesday, July 1st. Oppenheimer decreased their price objective on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company 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 report on Tuesday, August 11th. Finally, DA Davidson increased their price target on Progress Software from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.17.

Progress Software Profile

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.