128,757 Shares in Progress Software Corporation $PRGS Acquired by CX Institutional

Key Points

• CX Institutional acquired 128,757 shares of Progress Software worth approximately $5.15 million, representing a 0.31% stake. Several other institutional investors also increased their holdings during the second quarter.
• Progress Software’s third-quarter adjusted EPS of $1.69 beat analyst expectations, though revenue of $246.01 million slightly missed estimates and declined 1.5% year over year. Fiscal 2026 adjusted EPS guidance of $6.15–$6.23 was broadly in line with forecasts.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $52.17. The company is also expanding its enterprise AI strategy through new Agentic RAG capabilities, although competitive and adoption risks remain.

CX Institutional acquired a new position in Progress Software Corporation (NASDAQ:PRGS - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 128,757 shares of the software maker's stock, valued at approximately $5,146,000. CX Institutional owned 0.31% of Progress Software at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. QRG Capital Management Inc. lifted its position in shares of Progress Software by 27.7% during the second quarter. QRG Capital Management Inc. now owns 12,598 shares of the software maker's stock worth $423,000 after purchasing an additional 2,732 shares during the last quarter. Tidal Investments LLC grew its stake in Progress Software by 203.3% in the second quarter. Tidal Investments LLC now owns 24,802 shares of the software maker's stock valued at $833,000 after acquiring an additional 16,625 shares during the period. Engineers Gate Manager LP raised its holdings in shares of Progress Software by 321.6% in the 2nd quarter. Engineers Gate Manager LP now owns 54,940 shares of the software maker's stock valued at $1,845,000 after purchasing an additional 41,910 shares during the period. Integrated Wealth Concepts LLC bought a new position in Progress Software during the 2nd quarter worth $61,000. Finally, Allworth Financial LP lifted its stake in shares of Progress Software by 647.2% in the 2nd quarter. Allworth Financial LP now owns 2,406 shares of the software maker's stock valued at $81,000 after acquiring an additional 2,084 shares during the last quarter.

Key Headlines Impacting Progress Software

Here are the key news stories impacting Progress Software this week:

• Positive Sentiment: Q3 earnings exceeded expectations. Progress reported adjusted EPS of $1.69, ahead of the $1.49–$1.52 analyst consensus and well above $1.50 a year earlier. The earnings beat is the primary positive catalyst for the shares. Progress Software Beats Q3 Earnings Estimates
• Positive Sentiment: Analyst support improved the outlook. DA Davidson reaffirmed a “Buy” rating and set a $55 price target, implying substantial upside from the stock’s recent level. A broader analyst article also characterized Progress as one of the technology stocks attracting bullish sentiment. DA Davidson Reaffirms Buy Rating
• Positive Sentiment: Progress introduced expanded Agentic RAG capabilities. The new features are designed to connect enterprise knowledge across business systems and support AI agents and large language models without requiring customers to rebuild existing deployments. The announcement reinforces the company’s strategy to benefit from enterprise AI adoption. Progress Software Announces Agentic RAG Capabilities
• Positive Sentiment: Management will highlight AI and accessibility initiatives. Progress ShareFile is scheduled to co-host a session with Applause on AI’s role in accessibility compliance, providing additional visibility for its AI and enterprise software offerings. Progress Software and Applause Accessibility Session
• Neutral Sentiment: Full-year guidance was broadly in line. Progress expects fiscal 2026 adjusted EPS of $6.15–$6.23, compared with a FactSet estimate of $6.18. Fourth-quarter guidance calls for EPS of $1.24–$1.33.
• Negative Sentiment: Revenue slightly missed expectations and declined year over year. Q3 revenue was approximately $246 million versus the $247.3 million consensus, down 1.5% from the prior-year period. Shares initially moved lower following the results, suggesting investors remain focused on limited top-line growth.
• Negative Sentiment: AI execution risks remain. One analysis argued that competitive and adoption risks related to AI warrant a larger valuation discount, tempering the otherwise favorable earnings and analyst signals. Progress Software AI Risk Analysis

Analyst Ratings Changes

PRGS has been the subject of a number of recent research reports. Weiss Ratings raised Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Guggenheim reissued a "buy" rating and set a $83.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. Jefferies Financial Group raised Progress Software to a "hold" rating in a report on Friday, September 25th. Oppenheimer decreased their price target on Progress Software from $57.00 to $50.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 1st. Finally, DA Davidson reiterated a "buy" rating and set a $55.00 price objective on shares of Progress Software in a research report on Friday. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Progress Software has a consensus rating of "Moderate Buy" and an average target price of $52.17.

Progress Software Trading Up 0.9%

NASDAQ PRGS opened at $36.90 on Friday. The stock has a market cap of $1.51 billion, a PE ratio of 17.00, a PEG ratio of 1.54 and a beta of 0.89. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 2.33. Progress Software Corporation has a 12 month low of $23.82 and a 12 month high of $47.37. The company's 50-day moving average price is $42.07 and its 200-day moving average price is $35.11.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Wednesday, September 30th. The software maker reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.52 by $0.17. The business had revenue of $246.01 million during the quarter, compared to analyst estimates of $247.33 million. Progress Software had a return on equity of 42.91% and a net margin of 9.24%.The company's revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. 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 Corporation will post 4.77 earnings per share for the current year.

Progress Software Profile

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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