Engineers Gate Manager LP Has $1.84 Million Position in Progress Software Corporation $PRGS

Key Points

• Engineers Gate Manager LP increased its Progress Software stake by 321.6% in the second quarter, holding 54,940 shares worth approximately $1.84 million. Several other institutional investors also added to or initiated positions.
• Analyst sentiment remains positive, with five Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $52.17. Recent targets ranged from $50 to $83.
• Progress Software reported quarterly EPS of $1.62 and revenue of $253.47 million, exceeding estimates of $1.46 and $242.74 million, respectively; revenue increased 6.8% year over year. Shares opened at $43.56, near their 52-week high of $47.37.

Engineers Gate Manager LP raised its position in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 321.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 54,940 shares of the software maker's stock after buying an additional 41,910 shares during the period. Engineers Gate Manager LP owned about 0.13% of Progress Software worth $1,845,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new position in Progress Software in the second quarter valued at about $61,000. Allworth Financial LP lifted its position in Progress Software by 647.2% during the 2nd quarter. Allworth Financial LP now owns 2,406 shares of the software maker's stock valued at $81,000 after purchasing an additional 2,084 shares during the period. Corient Private Wealth LP boosted its stake in shares of Progress Software by 42.8% in the 2nd quarter. Corient Private Wealth LP now owns 129,526 shares of the software maker's stock valued at $4,349,000 after purchasing an additional 38,815 shares during the last quarter. Amundi grew its position in shares of Progress Software by 23.3% during the 2nd quarter. Amundi now owns 24,920 shares of the software maker's stock worth $837,000 after buying an additional 4,712 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Progress Software during the 2nd quarter worth approximately $1,256,000.

Analyst Ratings Changes

PRGS has been the topic of several analyst reports. Oppenheimer cut 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. DA Davidson lifted their target price on shares of Progress Software from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $52.17.

Progress Software Stock Up 1.0%

NASDAQ:PRGS opened at $43.56 on Wednesday. Progress Software Corporation has a 1 year low of $23.82 and a 1 year high of $47.37. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 2.55. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 1.81 and a beta of 0.82. The stock has a 50-day moving average price of $41.76 and a two-hundred day moving average price of $34.97.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $242.74 million. During the same period in the prior year, the business earned $1.40 EPS. The company's revenue for the quarter 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. As a group, equities analysts expect that Progress Software Corporation will post 4.77 earnings per share for the current year.

Insider Activity at Progress Software

In other news, EVP Sundar Subramanian sold 10,597 shares of Progress Software 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 transaction, the executive vice president owned 18,370 shares of the company's stock, valued at $703,019.90. This trade represents a 36.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company's stock.

Progress Software Company 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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