Edgestream Partners L.P. Has $2.03 Million Stock Holdings in Progress Software Corporation $PRGS

Key Points

• Edgestream Partners cut its Progress Software position by 61.8% in the first quarter, selling 127,927 shares and retaining 79,215 shares valued at approximately $2.03 million.
• Other major institutions increased their holdings, including Arrowstreet Capital, LSV Asset Management, Marshall Wace and Goldman Sachs. An executive vice president separately sold 10,597 shares under a pre-arranged Rule 10b5-1 plan.
• Progress Software exceeded quarterly expectations with $1.62 in EPS and $253.47 million in revenue, while analysts maintain a “Moderate Buy” consensus and an average price target of $50.50.

Edgestream Partners L.P. trimmed its position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 61.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,215 shares of the software maker's stock after selling 127,927 shares during the period. Edgestream Partners L.P. owned about 0.19% of Progress Software worth $2,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRGS. Arrowstreet Capital Limited Partnership increased its position in Progress Software by 133.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker's stock worth $31,335,000 after purchasing an additional 698,611 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Progress Software by 171.2% during the 4th 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 last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Progress Software during the 3rd quarter valued at about $16,324,000. Marshall Wace LLP grew its stake in shares of Progress Software by 732.6% in the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker's stock valued at $15,700,000 after buying an additional 314,459 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Progress Software by 75.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock valued at $28,894,000 after buying an additional 241,515 shares in the last quarter.

Insider Buying and Selling at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of the 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 completion of the sale, the executive vice president owned 18,370 shares in the company, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their ownership of the stock. 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. Insiders own 4.10% of the company's stock.

Analyst Upgrades and Downgrades

PRGS has been the topic of several recent research reports. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Progress Software in a research report on Tuesday, July 14th. Oppenheimer decreased their target price on shares of Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, July 1st. DA Davidson increased their price target on shares of Progress Software from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Finally, Guggenheim restated a "buy" rating and set a $83.00 price target on shares of Progress Software in a report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and a consensus price target of $50.50.

Progress Software Stock Performance

Shares of PRGS stock opened at $40.59 on Monday. The firm has a market capitalization of $1.66 billion, a P/E ratio of 19.70, a price-to-earnings-growth ratio of 1.70 and a beta of 0.80. Progress Software Corporation has a 1 year low of $23.82 and a 1 year high of $49.27. The firm's fifty day simple moving average is $34.81 and its 200 day simple moving average is $34.32. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 2.55.

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 for the quarter, beating analysts' consensus estimates of $1.46 by $0.16. The firm had revenue of $253.47 million during 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 business's revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.40 EPS. 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, sell-side analysts predict that Progress Software Corporation will post 4.77 EPS for the current year.

Progress Software 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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