Gabelli Funds LLC Trims Holdings in Progress Software Corporation $PRGS

Gabelli Funds LLC trimmed its stake in shares of Progress Software Corporation (NASDAQ:PRGS) by 99.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 22,000 shares of the software maker’s stock after selling 5,669,400 shares during the quarter. Gabelli Funds LLC’s holdings in Progress Software were worth $564,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership boosted its stake in 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 worth $31,335,000 after purchasing an additional 698,611 shares during the period. LSV Asset Management increased its position in shares of 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 buying an additional 619,800 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of Progress Software during the third quarter valued at about $16,324,000. Marshall Wace LLP lifted its holdings in shares of Progress Software by 732.6% in the third quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock worth $15,700,000 after buying an additional 314,459 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of 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 buying an additional 241,515 shares in the last quarter.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of the business’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 of the company’s stock, valued at $703,019.90. The trade was a 36.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by corporate insiders.

Progress Software Stock Performance

NASDAQ:PRGS opened at $40.34 on Friday. The stock has a market cap of $1.65 billion, a P/E ratio of 19.58, a PEG ratio of 1.79 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 business’s 50-day moving average price is $34.60 and its two-hundred day moving average price is $34.34. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $49.27.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping the consensus estimate of $1.46 by $0.16. The company had revenue of $253.47 million during the quarter, compared to analyst estimates of $242.74 million. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.Progress Software’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.40 earnings per share. 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 fiscal year.

Analysts Set New Price Targets

PRGS has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Progress Software in a research report on Tuesday, July 14th. Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Wednesday, July 1st. DA Davidson increased their target price 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. Finally, Oppenheimer cut their price target 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. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and an average target price of $50.50.

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.