Progress Software (NASDAQ:PRGS) Stock Price Up 8.1% – Here’s What Happened

Progress Software Corporation (NASDAQ:PRGS) shares rose 8.1% on Monday . The company traded as high as $43.12 and last traded at $43.1650. Approximately 253,271 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 860,221 shares. The stock had previously closed at $39.92.

Analyst Ratings Changes

A number of research firms have recently commented on PRGS. Oppenheimer cut their target price on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Wednesday, July 1st. DA Davidson boosted their price objective on Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and an average price target of $52.17.

Progress Software Stock Performance

The stock has a market cap of $1.78 billion, a PE ratio of 21.05, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82. The stock has a fifty day moving average of $41.59 and a 200-day moving average of $34.94. 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 posted its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating the consensus estimate of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The firm had revenue of $253.47 million during the quarter, compared to the consensus estimate of $242.74 million. During the same period in the prior year, the business earned $1.40 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. 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. On average, equities analysts forecast that Progress Software Corporation will post 4.77 EPS for the current year.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the transaction, the executive vice president directly owned 18,370 shares of the company’s stock, valued at approximately $703,019.90. The trade was a 36.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Progress Software

Several hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System boosted its holdings in shares of Progress Software by 2,864.5% in the second quarter. California State Teachers Retirement System now owns 1,572,484 shares of the software maker’s stock valued at $52,804,000 after acquiring an additional 1,519,441 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Progress Software in the second quarter valued at about $40,780,000. Heron Bay Capital Management acquired a new stake in Progress Software in the second quarter valued at about $34,011,000. Arrowstreet Capital Limited Partnership boosted its holdings in Progress Software by 133.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker’s stock valued at $31,335,000 after purchasing an additional 698,611 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in Progress Software by 171.2% in the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after purchasing an additional 619,800 shares in the last quarter.

About Progress Software

Progress Software Corporation (NASDAQ: PRGS) develops enterprise software designed to help organizations build, deploy, manage and secure business applications and digital services. Its portfolio supports application development, data connectivity, integration, file transfer, application performance monitoring and network management across cloud, hybrid and on-premises environments.

The company’s products and brands include OpenEdge for developing and deploying business applications; DataDirect for data connectivity; MOVEit for managed file transfer; WhatsUp Gold and Flowmon for network monitoring and visibility; Chef for infrastructure and application automation; Sitefinity for digital experience management; and Telerik and Kendo UI for user interface and development tools.