The Manufacturers Life Insurance Company Increases Stock Position in Progress Software Corporation $PRGS

The Manufacturers Life Insurance Company lifted its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 15.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,070,327 shares of the software maker’s stock after purchasing an additional 139,257 shares during the period. The Manufacturers Life Insurance Company’s holdings in Progress Software were worth $27,454,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PRGS. Hantz Financial Services Inc. boosted its holdings in Progress Software by 194.1% in the fourth 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. purchased a new stake in Progress Software during the fourth quarter valued at about $42,000. Osaic Holdings Inc. increased its stake in Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after acquiring an additional 637 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Progress Software in the 1st quarter worth about $26,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of 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 during the period.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PRGS shares. Oppenheimer reduced their price objective on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 1st. Weiss Ratings reissued a “sell (d+)” rating on shares of Progress Software in a research report on Tuesday, July 14th. DA Davidson raised their price target on shares of Progress Software from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, 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. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.50.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total transaction of $405,547.19. Following the sale, the executive vice president directly owned 18,370 shares in the company, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 Up 0.6%

Shares of NASDAQ PRGS opened at $40.59 on Friday. The stock has a fifty day moving average price of $34.81 and a 200 day moving average price of $34.38. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 2.55. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $49.27. The company has a market cap of $1.66 billion, a P/E ratio of 19.70, a P/E/G ratio of 1.69 and a beta of 0.82.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The company had revenue of $253.47 million for the quarter, compared to analysts’ expectations of $242.74 million. During the same quarter in the previous year, the firm posted $1.40 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. 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 anticipate that Progress Software Corporation 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.