Progress Software (NASDAQ:PRGS) Sets New 1-Year Low on Analyst Downgrade

Shares of Progress Software Corporation (NASDAQ:PRGS) 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 traded. The stock had previously closed at $31.28.

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

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value 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 $1,952,080. This represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Sundar Subramanian sold 1,600 shares of the stock in a transaction 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 completion of the sale, the executive vice president directly owned 15,542 shares of the company’s stock, valued at $594,947.76. The trade was a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 30,546 shares of company stock valued at $1,171,546. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Institutional investors have recently bought and sold shares of the company. DLD Asset Management LP increased its position in Progress Software by 31.5% in the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after buying an additional 10,300,000 shares during the last quarter. LSV Asset Management lifted its position in shares of Progress Software by 171.2% during the 4th 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 last quarter. Qube Research & Technologies Ltd bought a new position in shares of Progress Software during the 3rd quarter worth $16,324,000. Marshall Wace LLP grew its stake in shares of Progress Software by 732.6% during the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock worth $15,700,000 after acquiring an additional 314,459 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its holdings in Progress Software by 145.3% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock worth $20,410,000 after acquiring an additional 275,205 shares during the last quarter.

Progress Software Trading Up 6.7%

The firm has a fifty day moving average of $38.15 and a two-hundred day moving average of $41.40. The company 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. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 2.18.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, January 20th. The software maker reported $1.51 EPS for the quarter, beating the consensus estimate of $1.31 by $0.20. The business 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 company’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $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, sell-side analysts predict that Progress Software Corporation will post 4.01 EPS for the current 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.