Guggenheim Reaffirms Buy Rating for Progress Software (NASDAQ:PRGS)

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by Guggenheim in a research note issued on Wednesday,Benzinga reports. They presently have a $83.00 price objective on the software maker’s stock. Guggenheim’s target price indicates a potential upside of 106.52% from the company’s previous close.

Other research analysts have also issued research reports about the company. Oppenheimer cut their price target on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. DA Davidson decreased their price target on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Citigroup lowered their target price on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Wedbush lowered their price objective on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Finally, Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.33.

Progress Software Trading Up 19.7%

Shares of PRGS stock traded up $6.61 during trading hours on Wednesday, hitting $40.19. 1,887,364 shares of the company were exchanged, compared to its average volume of 987,330. The company has a 50 day simple moving average of $29.97 and a two-hundred day simple moving average of $34.96. The firm has a market cap of $1.69 billion, a P/E ratio of 20.52, a P/E/G ratio of 1.45 and a beta of 0.83. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47. Progress Software has a fifty-two week low of $23.82 and a fifty-two week high of $56.58.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.17. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The business had revenue of $253.47 million for the quarter, compared to analyst estimates of $242.74 million. During the same period in the prior year, the firm earned $1.40 earnings per share. Progress Software’s 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 analysts anticipate that Progress Software will post 4.68 EPS for the current year.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in Progress Software by 10.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,233,830 shares of the software maker’s stock valued at $31,659,000 after purchasing an additional 121,314 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings 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 buying an additional 698,611 shares during the period. Geode Capital Management LLC grew its position in shares of Progress Software by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock valued at $46,468,000 after buying an additional 6,095 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Progress Software by 15.0% during the first quarter. The Manufacturers Life Insurance Company now owns 1,070,327 shares of the software maker’s stock worth $27,454,000 after acquiring an additional 139,257 shares during the period. Finally, LSV Asset Management raised its stake in Progress Software by 171.2% during the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after acquiring an additional 619,800 shares during the period.

Key Stories Impacting Progress Software

Here are the key news stories impacting Progress Software this week:

• Positive Sentiment: Progress Software beat Q2 estimates, reporting EPS of $1.62 on revenue of $253.47 million, both above analyst expectations, and said quarterly revenue rose 6.8% year over year.
• Positive Sentiment: The company lifted its full-year FY2026 EPS guidance to $6.09-$6.21 and Q3 EPS guidance to $1.53-$1.59, signaling management sees continued momentum ahead.
• Positive Sentiment: Management highlighted AI demand as a growth driver for its data, workflow and infrastructure platforms, and separately announced Progress Chef Enterprise Management for NVIDIA DGX Spark, reinforcing its AI product strategy.
• Neutral Sentiment: Oppenheimer lowered its price target on PRGS from $57 to $50, but kept an “outperform” rating, suggesting the stock still has upside from current levels.
• Neutral Sentiment: Commentary from analysts also noted the stock had been under pressure earlier in the year and now trades at a valuation some see as attractive, though that view is more interpretive than a direct catalyst.

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.