Progress Software (NASDAQ:PRGS) Stock Rating Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Progress Software from “hold” to “strong buy.” Across analysts, the stock has an average “Moderate Buy” rating and a $52.17 price target.
• Progress Software opened at $37.20, with a $1.52 billion market capitalization and a 52-week range of $23.82 to $47.31.
• The company reported quarterly EPS of $1.69, beating estimates of $1.52, although revenue fell 1.5% year over year to $246.01 million.

Progress Software (NASDAQ:PRGS - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, Zacks reports.

Several other equities analysts have also recently issued reports on PRGS. Weiss Ratings upgraded shares of Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Jefferies Financial Group upgraded shares of Progress Software to a "hold" rating in a report on Friday, September 25th. Oppenheimer cut their target price on shares of Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, July 1st. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Wednesday, July 1st. Finally, DA Davidson reissued a "buy" rating and issued a $55.00 target price on shares of Progress Software in a report on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and an average price target of $52.17.

Progress Software Stock Down 0.1%

NASDAQ:PRGS opened at $37.20 on Monday. The firm's 50-day moving average price is $41.98 and its 200-day moving average price is $35.18. The company has a market capitalization of $1.52 billion, a PE ratio of 17.14, a P/E/G ratio of 1.56 and a beta of 0.89. Progress Software has a 1-year low of $23.82 and a 1-year high of $47.31. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.80 and a quick ratio of 0.80.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Wednesday, September 30th. The software maker reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.52 by $0.17. Progress Software had a net margin of 9.24% and a return on equity of 42.91%. The company had revenue of $246.01 million for the quarter, compared to analysts' expectations of $247.33 million. During the same quarter in the previous year, the business posted $0.44 EPS. Progress Software's revenue was down 1.5% compared to the same quarter last year. Progress Software has set its Q4 2026 guidance at 1.240-1.330 EPS and its FY 2026 guidance at 6.150-6.230 EPS. On average, equities analysts predict that Progress Software will post 4.78 EPS for the current fiscal year.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the company. Moody National Bank Trust Division boosted its holdings in shares of Progress Software by 1.3% in the 2nd quarter. Moody National Bank Trust Division now owns 28,230 shares of the software maker's stock valued at $948,000 after buying an additional 357 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Progress Software by 23.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,126 shares of the software maker's stock worth $71,000 after acquiring an additional 410 shares in the last quarter. Wedbush Securities Inc. lifted its position in Progress Software by 4.4% during the second quarter. Wedbush Securities Inc. now owns 12,884 shares of the software maker's stock valued at $433,000 after acquiring an additional 545 shares during the last quarter. Parallel Advisors LLC lifted its position in Progress Software by 142.0% during the first quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker's stock valued at $29,000 after acquiring an additional 653 shares during the last quarter. Finally, Chesley Taft & Associates LLC boosted its stake in Progress Software by 8.1% in the second quarter. Chesley Taft & Associates LLC now owns 9,182 shares of the software maker's stock valued at $308,000 after acquiring an additional 685 shares in the last quarter.

About Progress Software

Progress Software Corporation develops enterprise software that helps organizations build, deploy, integrate, and manage business applications and digital services. Its offerings are designed to support application development, data connectivity, integration, messaging, user experiences, and infrastructure performance across on-premises, cloud, and hybrid environments.

The company's product portfolio includes OpenEdge for application development and deployment, DataDirect for data connectivity, MOVEit for managed file transfer, WhatsUp Gold for network monitoring, and Sitefinity for digital experience management.

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