Principal Financial Group Inc. Lowers Stock Position in Progress Software Corporation $PRGS

Principal Financial Group Inc. cut its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 33.8% during the first quarter, Holdings Channel.com reports. The firm owned 205,911 shares of the software maker’s stock after selling 105,194 shares during the period. Principal Financial Group Inc.’s holdings in Progress Software were worth $5,282,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Progress Software by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock worth $50,044,000 after acquiring an additional 20,669 shares in the last quarter. Geode Capital Management LLC boosted its position in Progress Software by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock valued at $46,468,000 after purchasing an additional 6,095 shares in the last quarter. LSV Asset Management boosted its position in Progress Software by 171.2% during the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after purchasing an additional 619,800 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Progress Software by 2.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 931,070 shares of the software maker’s stock valued at $39,999,000 after purchasing an additional 24,659 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after purchasing an additional 241,515 shares in the last quarter.

Analysts Set New Price Targets

PRGS has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Progress Software in a research report on Tuesday, July 14th. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Wednesday, July 1st. Jefferies Financial Group cut their price target on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a report on Tuesday, March 31st. Oppenheimer reduced their price target on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Finally, DA Davidson increased their price objective on Progress Software from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.50.

Progress Software Stock Performance

Shares of Progress Software stock opened at $40.37 on Wednesday. The company has a 50 day moving average price of $34.10 and a 200 day moving average price of $34.35. The firm has a market capitalization of $1.66 billion, a P/E ratio of 19.60, a PEG ratio of 1.62 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. Progress Software Corporation has a 52 week low of $23.82 and a 52 week high of $49.99.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, topping 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 last year, the company posted $1.40 earnings per share. The business’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. Sell-side analysts expect that Progress Software Corporation will post 4.77 EPS for the current year.

Insider Activity

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 transaction of $405,547.19. Following the completion of the sale, the executive vice president directly owned 18,370 shares in the company, valued at approximately $703,019.90. The trade was a 36.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by insiders.

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.