Legal & General Group Plc Makes New Investment in Progress Software Corporation $PRGS

Legal & General Group Plc bought a new stake in Progress Software Corporation (NASDAQ:PRGS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 96,017 shares of the software maker’s stock, valued at approximately $3,224,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new position in Progress Software in the second quarter valued at about $40,780,000. Heron Bay Capital Management bought a new position in shares of Progress Software in the 2nd quarter valued at about $34,011,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of 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 during the last quarter. LSV Asset Management grew its position in shares of Progress Software by 171.2% during the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after buying an additional 619,800 shares during the period. Finally, Rice Hall James & Associates LLC bought a new stake in shares of Progress Software during the second quarter worth approximately $19,149,000.

Analyst Ratings Changes

PRGS has been the topic of a number of recent research reports. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Wednesday, July 1st. Oppenheimer dropped their target price on shares of 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 upgraded Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Finally, DA Davidson upped their price objective on Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.17.

Progress Software Trading Down 1.3%

Shares of NASDAQ PRGS opened at $44.05 on Friday. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $47.37. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 21.38, a P/E/G ratio of 1.87 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55. The company’s fifty day moving average is $41.10 and its 200-day moving average is $34.82.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.16. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The business had revenue of $253.47 million during the quarter, compared to analysts’ expectations of $242.74 million. During the same quarter in the prior year, the company earned $1.40 EPS. 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. Equities research analysts predict that Progress Software Corporation will post 4.77 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Sundar Subramanian sold 10,597 shares of the company’s 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 completion of the transaction, the executive vice president owned 18,370 shares in the company, valued at $703,019.90. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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.