Corient Private Wealth LP Buys 38,815 Shares of Progress Software Corporation $PRGS

Key Points

• Corient Private Wealth increased its Progress Software stake by 42.8% in the second quarter, purchasing 38,815 shares and bringing its holdings to 129,526 shares worth approximately $4.35 million.
• Progress Software reported quarterly results above expectations, with EPS of $1.62 versus the $1.46 consensus estimate and revenue of $253.47 million, up 6.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $52.17, compared with the stock’s reported price of $40.11.

Corient Private Wealth LP raised its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 42.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 129,526 shares of the software maker's stock after buying an additional 38,815 shares during the quarter. Corient Private Wealth LP owned 0.32% of Progress Software worth $4,349,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PRGS. Geneos Wealth Management Inc. acquired a new position in shares of Progress Software in the 1st quarter valued at $26,000. Public Employees Retirement System of Ohio bought a new stake in shares of Progress Software in the second quarter worth about $28,000. Parallel Advisors LLC raised its position in shares of Progress Software by 142.0% during the first quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker's stock worth $29,000 after purchasing an additional 653 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of Progress Software by 194.1% during the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock valued at $32,000 after purchasing an additional 493 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in shares of Progress Software by 1,042.5% during the 4th quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker's stock valued at $55,000 after purchasing an additional 1,178 shares in the last quarter.

Progress Software Trading Down 1.8%

Shares of Progress Software stock opened at $40.11 on Friday. The stock has a market cap of $1.64 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.68 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $47.37. The business's 50 day moving average is $41.94 and its 200-day moving average is $35.00.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.16. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The firm had revenue of $253.47 million for the quarter, compared to analyst estimates of $242.74 million. During the same period in the prior year, the firm posted $1.40 earnings per share. The company's quarterly revenue was up 6.8% compared to the same quarter last year. 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. Equities research analysts predict that Progress Software Corporation will post 4.77 earnings per share for the current fiscal year.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the transaction, the executive vice president owned 18,370 shares in the company, valued at approximately $703,019.90. This represents a 36.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. DA Davidson upped their target price on shares of Progress Software from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Oppenheimer lowered their price objective on shares of Progress Software from $57.00 to $50.00 and set an "outperform" rating on the stock in a report on Wednesday, July 1st. Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $52.17.

Progress Software Profile

Progress Software Corporation NASDAQ: PRGS develops enterprise software designed to help organizations build, deploy, manage and secure business applications and digital services. Its portfolio supports application development, data connectivity, integration, file transfer, application performance monitoring and network management across cloud, hybrid and on-premises environments.

The company's products and brands include OpenEdge for developing and deploying business applications; DataDirect for data connectivity; MOVEit for managed file transfer; WhatsUp Gold and Flowmon for network monitoring and visibility; Chef for infrastructure and application automation; Sitefinity for digital experience management; and Telerik and Kendo UI for user interface and development tools.

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