Progress Software (NASDAQ:PRGS) EVP Sundar Subramanian Sells 10,597 Shares

Progress Software Corporation (NASDAQ:PRGS) EVP Sundar Subramanian sold 10,597 shares of the firm’s stock in a transaction 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 sale, the executive vice president directly owned 18,370 shares of the company’s stock, valued at $703,019.90. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progress Software Trading Up 0.8%

PRGS stock traded up $0.32 during trading on Monday, hitting $38.74. The company had a trading volume of 650,925 shares, compared to its average volume of 999,332. The firm has a 50-day moving average price of $30.46 and a 200-day moving average price of $34.84. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 1.62 and a beta of 0.82. Progress Software Corporation has a 12 month low of $23.82 and a 12 month high of $54.28. 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 (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $242.74 million. During the same quarter last year, the firm earned $1.40 EPS. Progress Software’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. As a group, analysts predict that Progress Software Corporation will post 4.73 earnings per share for the current year.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership lifted its stake in Progress Software by 133.6% during the first 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 last quarter. LSV Asset Management raised its position in Progress Software by 171.2% in the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after purchasing an additional 619,800 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Progress Software in the third quarter worth about $16,324,000. Marshall Wace LLP grew its position in 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 last quarter. Finally, Pacer Advisors Inc. lifted its position in Progress Software by 14,333.9% in the first quarter. Pacer Advisors Inc. now owns 259,378 shares of the software maker’s stock valued at $6,653,000 after purchasing an additional 257,581 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PRGS shares. Oppenheimer lowered their price target on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, July 1st. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Wednesday, July 1st. Jefferies Financial Group dropped their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research report on Tuesday, March 31st. Citigroup cut their price target on Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Finally, DA Davidson restated a “buy” rating and set a $40.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.67.

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.