Progress Software (NASDAQ:PRGS) Sets New 52-Week Low Following Analyst Downgrade

Progress Software Corporation (NASDAQ:PRGS) shares hit a new 52-week low on Wednesday after DA Davidson lowered their price target on the stock from $70.00 to $50.00. DA Davidson currently has a buy rating on the stock. Progress Software traded as low as $28.69 and last traded at $28.76, with a volume of 1240405 shares. The stock had previously closed at $31.28.

PRGS has been the subject of several other reports. Citigroup lifted their target price on shares of Progress Software from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Wedbush reduced their price target on shares of Progress Software from $75.00 to $65.00 and set an “outperform” rating for the company in a research report on Thursday, January 22nd. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Finally, Jefferies Financial Group lowered their price objective on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Monday, January 5th. Four 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, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.60.

Insider Transactions at Progress Software

In related news, EVP Sundar Subramanian sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total value of $61,248.00. Following the sale, the executive vice president owned 15,542 shares in the company, valued at approximately $594,947.76. This trade represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 6,000 shares of Progress Software stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total transaction of $240,000.00. Following the completion of the sale, the chief financial officer directly owned 48,802 shares of the company’s stock, valued at approximately $1,952,080. This trade represents a 10.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,546 shares of company stock worth $1,171,546. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several large investors have recently modified their holdings of the company. Hsbc Holdings PLC increased its position in Progress Software by 19.8% during the fourth quarter. Hsbc Holdings PLC now owns 30,893 shares of the software maker’s stock valued at $1,327,000 after acquiring an additional 5,096 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in Progress Software by 192.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker’s stock worth $57,000 after purchasing an additional 877 shares during the last quarter. MidFirst Bank purchased a new position in Progress Software in the fourth quarter worth about $601,000. Mercer Global Advisors Inc. ADV grew its stake in shares of Progress Software by 61.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,736 shares of the software maker’s stock valued at $375,000 after purchasing an additional 3,325 shares during the period. Finally, State of Tennessee Department of Treasury grew its stake in shares of Progress Software by 19.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 12,768 shares of the software maker’s stock valued at $522,000 after purchasing an additional 2,110 shares during the period.

Progress Software Stock Up 6.7%

The company’s 50-day moving average price is $38.15 and its 200 day moving average price is $41.40. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a market cap of $1.23 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.20 and a beta of 0.57.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, January 20th. The software maker reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.20. The company had revenue of $253.00 million for the quarter, compared to the consensus estimate of $252.86 million. Progress Software had a net margin of 7.48% and a return on equity of 43.90%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. Progress Software has set its FY 2026 guidance at 1.74-1.910 EPS and its Q1 2026 guidance at 1.56-1.62 EPS. As a group, analysts forecast that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Progress Software Company 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.