Progress Software (NASDAQ:PRGS) Trading 8.1% Higher – Here’s What Happened

Shares of Progress Software Corporation (NASDAQ:PRGS) rose 8.1% during mid-day trading on Monday . The stock traded as high as $43.12 and last traded at $43.1650. 253,271 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 860,221 shares. The stock had previously closed at $39.92.

Analysts Set New Price Targets

PRGS has been the subject of a number of research analyst reports. DA Davidson raised their target price on Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Guggenheim reissued 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 price objective 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. Finally, Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.17.

Progress Software Stock Up 8.6%

The business has a 50-day simple moving average of $41.59 and a 200-day simple moving average of $34.94. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 21.05, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share 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 firm 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. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. 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. On average, equities analysts anticipate that Progress Software Corporation will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Sundar Subramanian sold 10,597 shares of the business’s stock in a transaction 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 transaction, the executive vice president owned 18,370 shares in the company, valued at approximately $703,019.90. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Progress Software

A number of institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System increased its holdings in shares of Progress Software by 2,864.5% in the 2nd quarter. California State Teachers Retirement System now owns 1,572,484 shares of the software maker’s stock valued at $52,804,000 after acquiring an additional 1,519,441 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Progress Software by 10.9% in 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 in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Progress Software by 133.6% in the first 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 in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Progress Software in the second quarter valued at approximately $40,780,000. Finally, Geode Capital Management LLC increased its stake in Progress Software by 0.6% in 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 during the last quarter.

About Progress Software

Progress Software Corporation (NASDAQ: PRGS) develops enterprise software designed to help organizations build, deploy, manage and secure business applications and digital services. Its portfolio supports application development, data connectivity, integration, file transfer, application performance monitoring and network management across cloud, hybrid and on-premises environments.

The company’s products and brands include OpenEdge for developing and deploying business applications; DataDirect for data connectivity; MOVEit for managed file transfer; WhatsUp Gold and Flowmon for network monitoring and visibility; Chef for infrastructure and application automation; Sitefinity for digital experience management; and Telerik and Kendo UI for user interface and development tools.