Charles Schwab Investment Management Inc. Acquires 9,852 Shares of 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. grew its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PRGS. Orion Capital Management LLC purchased a new position in shares of Progress Software during the 4th quarter valued at $33,000. Nisa Investment Advisors LLC boosted its holdings in Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after purchasing an additional 326 shares in the last quarter. Dakota Wealth Management bought a new stake in Progress Software in the first quarter worth $224,000. LPL Financial LLC bought a new stake in Progress Software in the fourth quarter worth $248,000. Finally, GeoWealth Management LLC boosted its holdings in Progress Software by 637.6% in the fourth quarter. GeoWealth Management LLC now owns 3,880 shares of the software maker's stock worth $253,000 after purchasing an additional 3,354 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PRGS shares. Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen cut shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. DA Davidson upped their price objective on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Citigroup decreased their price objective on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $73.33.

Insider Activity

In other Progress Software news, Director David Krall bought 5,125 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were acquired at an average price of $48.90 per share, with a total value of $250,612.50. Following the completion of the purchase, the director directly owned 100,090 shares in the company, valued at $4,894,401. The trade was a 5.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Rainer Gawlick bought 1,710 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the purchase, the director owned 55,544 shares of the company's stock, valued at $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.60% of the stock is owned by company insiders.

Progress Software Stock Performance

Shares of PRGS traded down $0.68 during trading hours on Tuesday, reaching $45.38. 450,188 shares of the company traded hands, compared to its average volume of 849,846. The stock's fifty day moving average is $50.80 and its 200 day moving average is $55.75. The stock has a market cap of $1.96 billion, a P/E ratio of 34.64, a price-to-earnings-growth ratio of 2.18 and a beta of 0.70. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. Progress Software Corporation has a 1-year low of $42.88 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.10. The business had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm's revenue for the quarter was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.09 earnings per share. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Equities research analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Progress Software Company 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.