Glenmede Trust Co. NA Purchases 41,600 Shares of Progress Software Corporation $PRGS

Glenmede Trust Co. NA raised its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 15.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 312,282 shares of the software maker’s stock after purchasing an additional 41,600 shares during the period. Glenmede Trust Co. NA owned 0.74% of Progress Software worth $8,010,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Hillsdale Investment Management Inc. lifted its stake in shares of Progress Software by 37.2% in the 4th quarter. Hillsdale Investment Management Inc. now owns 124,750 shares of the software maker’s stock valued at $5,359,000 after purchasing an additional 33,800 shares during the period. Dana Investment Advisors Inc. bought a new stake in Progress Software in the fourth quarter valued at about $6,011,000. M&T Bank Corp acquired a new position in Progress Software in the fourth quarter valued at about $3,626,000. LSV Asset Management lifted its stake in Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after buying an additional 619,800 shares during the period. Finally, Fox Run Management L.L.C. bought a new position in Progress Software during the fourth quarter worth about $1,470,000.

Wall Street Analyst Weigh In

PRGS has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. DA Davidson lifted their price objective on shares of Progress Software from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Oppenheimer decreased their price objective on shares of Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Progress Software in a research note on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.50.

Progress Software Stock Up 2.2%

Shares of Progress Software stock opened at $41.50 on Tuesday. Progress Software Corporation has a 1 year low of $23.82 and a 1 year high of $47.37. The business has a 50-day moving average of $35.05 and a two-hundred day moving average of $34.31. The company has a market capitalization of $1.70 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.80. 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 released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 earnings per share 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 business 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 business posted $1.40 EPS. Progress Software’s revenue for the quarter 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. As a group, equities analysts predict 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 Progress Software stock in a transaction that occurred 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 owned 18,370 shares of the company’s stock, valued at approximately $703,019.90. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company’s stock.

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.