Progress Software (NASDAQ:PRGS) Raised to Hold at Jefferies Financial Group

Key Points

• Jefferies upgraded Progress Software to “Hold”, while the broader analyst consensus remains “Moderate Buy,” with five Buy ratings, two Holds, and an average price target of $52.17.
• Progress Software exceeded quarterly expectations, reporting $1.62 EPS versus $1.46 estimated and $253.47 million in revenue, up 6.8% year over year. Management issued FY 2026 EPS guidance of $6.09–$6.21.
• Institutional interest increased, with several hedge funds initiating or expanding positions, although an executive sold 10,597 shares under a pre-arranged trading plan.

Progress Software (NASDAQ:PRGS - Get Free Report) was upgraded by equities research analysts at Jefferies Financial Group to a "hold" rating in a report issued on Friday, Zacks reports.

Other equities analysts also recently issued research reports about the stock. DA Davidson lifted their target price on shares of Progress Software from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Guggenheim restated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Wednesday, July 1st. Weiss Ratings raised Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, Oppenheimer reduced their price target on Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, July 1st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.17.

Progress Software Stock Performance

Shares of PRGS opened at $39.34 on Friday. Progress Software has a one year low of $23.82 and a one year high of $47.37. The company has a market cap of $1.61 billion, a PE ratio of 19.10, a P/E/G ratio of 1.69 and a beta of 0.82. The stock has a 50-day moving average of $42.06 and a 200-day moving average of $35.05. The company has a debt-to-equity ratio of 2.55, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly 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. The business had revenue of $253.47 million for the quarter, compared to the consensus estimate of $242.74 million. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The firm's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.40 EPS. 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 research analysts predict that Progress Software will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, EVP Sundar Subramanian sold 10,597 shares of Progress Software stock in a transaction dated Wednesday, July 1st. The stock was 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 owned 18,370 shares in the company, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $40,780,000. Heron Bay Capital Management bought a new position in shares of Progress Software in the second quarter worth approximately $34,011,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of 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 worth $31,335,000 after purchasing an additional 698,611 shares during the last quarter. Rice Hall James & Associates LLC bought a new stake in Progress Software in the 2nd quarter worth $19,149,000. Finally, Oaktop Capital Management II L.P. purchased a new position in shares of Progress Software in the second quarter valued at about $17,079,000.

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.

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