Charles Schwab Investment Management Inc. Boosts Holdings in Progress Software Corporation $PRGS

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Progress Software Corporation by 2% by acquiring an additional 9,852 shares, bringing their total ownership to approximately 501,652 shares worth $25.84 million.
• Progress Software reported earnings of $1.40 per share for the last quarter, exceeding analysts' estimates of $1.30, with a significant year-over-year revenue increase of 35.6% to $237.36 million.
• Analysts have varying ratings for Progress Software, with DA Davidson setting a price target of $75.00 and Citigroup lowering theirs to $57.00, reflecting differing perspectives on the stock's performance.

Charles Schwab Investment Management Inc. boosted its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 501,652 shares of the software maker's stock after acquiring an additional 9,852 shares during the period. Charles Schwab Investment Management Inc. owned 1.17% of Progress Software worth $25,840,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PRGS. LPL Financial LLC acquired a new stake in Progress Software in the 4th quarter valued at about $248,000. Canada Pension Plan Investment Board grew its stake in Progress Software by 820.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 4,600 shares of the software maker's stock valued at $300,000 after acquiring an additional 4,100 shares during the last quarter. GeoWealth Management LLC grew its stake in Progress Software by 637.6% in the 4th quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker's stock valued at $253,000 after acquiring an additional 3,354 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Progress Software by 0.3% during the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock worth $6,248,000 after purchasing an additional 281 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Progress Software by 4.0% during the 4th quarter. MetLife Investment Management LLC now owns 25,472 shares of the software maker's stock worth $1,660,000 after purchasing an additional 976 shares during the last quarter.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares in the company, valued at approximately $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rainer Gawlick purchased 1,710 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the acquisition, the director directly owned 55,544 shares of the company's stock, valued at $2,415,053.12. This trade represents a 3.18% increase in their position. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by insiders.

Progress Software Trading Up 4.5%

Shares of PRGS traded up $1.99 during mid-day trading on Friday, hitting $46.70. The company had a trading volume of 749,312 shares, compared to its average volume of 879,162. The business's 50-day simple moving average is $51.50 and its 200-day simple moving average is $55.91. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 1-year low of $42.88 and a 1-year high of $70.56. The stock has a market cap of $2.01 billion, a PE ratio of 35.65, a P/E/G ratio of 2.21 and a beta of 0.70.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same period last year, the company earned $1.09 earnings per share. The company's quarterly revenue was up 35.6% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Sell-side analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wedbush reaffirmed an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reaffirmed a "buy" rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Citigroup decreased their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Progress Software has an average rating of "Moderate Buy" and an average price target of $73.33.

Progress Software Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.