Progress Software Corporation (NASDAQ:PRGS) Stock Has Average Price Target of $51.57

Key Points

• Analyst sentiment is moderately bullish: Progress Software has a consensus “Moderate Buy” rating from nine analysts, with an average 12-month price target of $51.57 versus an opening price of $46.45.
• Quarterly earnings beat expectations: The company reported adjusted EPS of $1.69, exceeding the $1.52 consensus estimate, although revenue fell 1.5% year over year to $246.01 million and slightly missed forecasts.
• Insiders sold shares while institutions added positions: Two insiders sold stock under pre-arranged Rule 10b5-1 plans, while several institutional investors increased holdings or initiated new positions in Progress Software.

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have received a consensus rating of "Moderate Buy" from the nine ratings firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $51.57.

Several equities analysts have commented on PRGS shares. Weiss Ratings upgraded Progress Software from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Oppenheimer lowered their price objective 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. DA Davidson reiterated a "buy" rating and issued a $55.00 target price on shares of Progress Software in a report on Friday, October 2nd. Yorkville Ives began coverage on Progress Software in a research note on Wednesday, October 7th. They issued an "outperform" rating and a $48.00 price objective for the company. Finally, Zacks Research upgraded Progress Software from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th.

Progress Software Stock Up 1.0%

Shares of PRGS opened at $46.45 on Friday. The stock has a market capitalization of $1.90 billion, a PE ratio of 21.41, a P/E/G ratio of 1.95 and a beta of 0.89. Progress Software has a 12 month low of $23.82 and a 12 month high of $47.25. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 2.33. The firm's 50 day moving average is $41.64 and its 200-day moving average is $36.32.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Wednesday, September 30th. The software maker reported $1.69 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.17. Progress Software had a return on equity of 42.91% and a net margin of 9.24%. The business had revenue of $246.01 million during the quarter, compared to the consensus estimate of $247.33 million. During the same quarter in the previous year, the firm earned $0.44 earnings per share. Progress Software's revenue for the quarter 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. Equities research analysts forecast that Progress Software will post 4.78 EPS for the current year.

Insider Transactions at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,245 shares of the business's stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $37.00, for a total value of $46,065.00. Following the sale, the insider owned 3,487 shares of the company's stock, valued at $129,019. The trade was a 26.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Anthony Folger sold 3,067 shares of the stock in a transaction on Friday, October 16th. The stock was sold at an average price of $40.36, for a total value of $123,784.12. Following the sale, the chief financial officer owned 49,984 shares in the company, valued at approximately $2,017,354.24. This represents a 5.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 hedge funds and other institutional investors have recently bought and sold shares of PRGS. Kendall Capital Management bought a new position in Progress Software in the 3rd quarter valued at $216,000. James Investment Research Inc. grew its position in shares of Progress Software by 49.2% during the 3rd quarter. James Investment Research Inc. now owns 11,677 shares of the software maker's stock valued at $467,000 after purchasing an additional 3,850 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Progress Software by 946.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,087 shares of the software maker's stock valued at $323,000 after purchasing an additional 7,314 shares in the last quarter. CX Institutional bought a new position in Progress Software in the 3rd quarter worth about $5,146,000. Finally, QRG Capital Management Inc. raised its stake in Progress Software by 27.7% in the second quarter. QRG Capital Management Inc. now owns 12,598 shares of the software maker's stock valued at $423,000 after purchasing an additional 2,732 shares in the last quarter.

Progress Software Company Profile

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

The company's products include OpenEdge for developing and operating business applications; Telerik and Kendo UI development tools; DataDirect data connectivity technologies; Sitefinity digital experience software; WhatsUp Gold network monitoring; MOVEit managed file transfer; and Chef automation and infrastructure-management tools.

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