Boston Trust Walden Corp Sells 149,422 Shares of Progress Software Corporation $PRGS

Key Points

• Boston Trust Walden Corp cut its Progress Software stake by 8.0% in the first quarter, selling 149,422 shares and ending with 1,720,324 shares valued at about $44.1 million.
• Progress Software beat earnings expectations for the quarter, reporting $1.62 EPS versus the $1.45 estimate and revenue of $253.47 million, up 6.8% year over year.
• Analysts remain generally positive on PRGS despite some target reductions, with a Moderate Buy consensus and an average price target of $49.67.

Boston Trust Walden Corp lessened its position in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 8.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,720,324 shares of the software maker's stock after selling 149,422 shares during the period. Boston Trust Walden Corp owned 4.09% of Progress Software worth $44,126,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Hillsdale Investment Management Inc. raised its position in Progress Software by 37.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 124,750 shares of the software maker's stock valued at $5,359,000 after purchasing an additional 33,800 shares during the last quarter. Dana Investment Advisors Inc. bought a new stake in shares of Progress Software in the 4th quarter worth approximately $6,011,000. M&T Bank Corp bought a new stake in shares of Progress Software in the 4th quarter worth approximately $3,626,000. Heron Bay Capital Management increased its stake in shares of Progress Software by 117.1% during the third quarter. Heron Bay Capital Management now owns 254,311 shares of the software maker's stock valued at $11,172,000 after buying an additional 137,189 shares during the period. Finally, LSV Asset Management increased its stake in shares of Progress Software by 171.2% during the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker's stock valued at $42,178,000 after buying an additional 619,800 shares during the period.

Progress Software Stock Down 1.9%

NASDAQ:PRGS opened at $38.42 on Friday. The firm's 50-day moving average price is $30.30 and its 200-day moving average price is $34.88. The company has a market capitalization of $1.58 billion, a PE ratio of 18.65, a P/E/G ratio of 1.65 and a beta of 0.82. The company has a debt-to-equity ratio of 2.55, a current ratio of 0.81 and a quick ratio of 0.47. Progress Software Corporation has a 1-year low of $23.82 and a 1-year high of $54.81.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.17. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The company had revenue of $253.47 million during the quarter, compared to analysts' expectations of $242.74 million. During the same period last year, the company posted $1.40 EPS. Progress Software's revenue was up 6.8% on a year-over-year basis. 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 analysts predict that Progress Software Corporation will post 4.74 EPS for the current fiscal year.

Analysts Set New Price Targets

PRGS has been the subject of a number of research analyst reports. Oppenheimer dropped their price target on Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a research note on Wednesday. Citigroup decreased their price objective on shares of Progress Software from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. Guggenheim reaffirmed a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Wednesday. Weiss Ratings lowered shares of Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, April 16th. Finally, DA Davidson reiterated a "buy" rating and set a $40.00 price target on shares of Progress Software in a research report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.67.

Trending Headlines about Progress Software

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

• Positive Sentiment: Progress Software beat Q2 estimates and raised full-year guidance, which typically signals stronger near-term growth and better earnings momentum. Article Title
• Positive Sentiment: Analysts remained constructive after earnings, with multiple firms reiterating buy/outperform views and citing upside to current price targets. Article Title
• Positive Sentiment: Oppenheimer called the quarter “solid,” while other coverage pointed to strong revenue growth and improved outlook commentary, reinforcing the earnings-driven rally. Article Title
• Neutral Sentiment: Recent valuation-focused articles suggest PRGS still screens as reasonably valued versus peers, which may support the stock but does not by itself create a new catalyst. Article Title
• Neutral Sentiment: Company commentary also showed some caution on cash and leverage, including a goal to target net leverage around 2.8x, which investors may watch even as results improve. Article Title
• Negative Sentiment: Some longer-term commentary still points to debt and sector competition concerns, suggesting the rally may depend on continued execution rather than a clean re-rating. Article Title

About Progress Software

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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