Allspring Global Investments Holdings LLC Sells 700,671 Shares of Progress Software Corporation $PRGS

Key Points

• Allspring Global Investments cut its stake in Progress Software by 70.9% in Q1, selling 700,671 shares and leaving it with 287,901 shares worth about $7.2 million.
• Progress Software reported better-than-expected quarterly results, posting $1.62 EPS on revenue of $253.47 million, both ahead of estimates, and raised guidance for FY2026 and Q3 2026.
• The stock was down 2.6% to $36.92, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $50.50.

Allspring Global Investments Holdings LLC lessened its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 70.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 287,901 shares of the software maker's stock after selling 700,671 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.68% of Progress Software worth $7,223,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. LSV Asset Management boosted its position in Progress Software by 171.2% in the fourth 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 last quarter. Qube Research & Technologies Ltd bought a new position in Progress Software in the 3rd quarter valued at $16,324,000. Marshall Wace LLP increased its position in shares of Progress Software by 732.6% during the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker's stock valued at $15,700,000 after purchasing an additional 314,459 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Progress Software by 75.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock valued at $28,894,000 after purchasing an additional 241,515 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Progress Software during the 2nd quarter worth $9,337,000.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 10,597 shares of Progress Software stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 18,370 shares in the company, valued at approximately $703,019.90. The trade was a 36.58% decrease in their position. 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. Corporate insiders own 4.10% of the company's stock.

Progress Software Trading Down 2.6%

Shares of PRGS opened at $36.92 on Friday. Progress Software Corporation has a fifty-two week low of $23.82 and a fifty-two week high of $51.28. The business has a 50-day moving average of $33.48 and a 200 day moving average of $34.41. The firm has a market cap of $1.51 billion, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 1.59 and a beta of 0.82. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating the consensus estimate 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 net margin of 8.87% and a return on equity of 43.07%. The company's revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.40 earnings per share. 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, research analysts forecast that Progress Software Corporation will post 4.77 EPS for the current year.

Wall Street Analyst Weigh In

PRGS has been the topic of a number of research analyst reports. Citigroup cut their price target on shares of Progress Software from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, April 1st. DA Davidson raised their price objective on shares of Progress Software from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. Oppenheimer dropped their target price on shares of 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, Wedbush reduced their target price on shares of Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Progress Software currently has an average rating of "Moderate Buy" and a consensus price target of $50.50.

Progress Software Company Profile

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.

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