Healthcare of Ontario Pension Plan Trust Fund Cuts Holdings in Progress Software Corporation $PRGS

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Progress Software stake by 97.8% in the first quarter, selling 54,115 shares and retaining 1,207 shares valued at approximately $31,000.
• Analysts remain generally positive, with five Buy ratings, one Hold and one Sell; the stock has a consensus “Moderate Buy” rating and a $50.50 price target.
• Progress Software exceeded quarterly expectations, reporting $1.62 in earnings per share versus $1.46 expected and revenue of $253.47 million, up 6.8% year over year.

Healthcare of Ontario Pension Plan Trust Fund decreased its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 97.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,207 shares of the software maker's stock after selling 54,115 shares during the period. Healthcare of Ontario Pension Plan Trust Fund's holdings in Progress Software were worth $31,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Hantz Financial Services Inc. boosted its position in 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 acquiring an additional 493 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Progress Software during the 4th quarter worth $42,000. Osaic Holdings Inc. lifted its stake in shares of Progress Software by 183.0% during the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock worth $62,000 after purchasing an additional 637 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in Progress Software during the first quarter valued at about $26,000. Finally, Advisors Asset Management Inc. grew its stake in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after purchasing an additional 604 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PRGS shares. Weiss Ratings reiterated a "sell (d+)" rating on shares of Progress Software in a report on Tuesday, July 14th. Guggenheim reaffirmed a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. 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 research report on Wednesday, July 1st. Finally, DA Davidson boosted their price objective 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. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and a consensus target price of $50.50.

Progress Software Trading Up 2.2%

Progress Software stock opened at $41.50 on Tuesday. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $1.70 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.80. The stock has a 50-day moving average of $35.05 and a two-hundred day moving average of $34.31. Progress Software Corporation has a one year low of $23.82 and a one year high of $47.37.

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, topping analysts' consensus estimates of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The business had revenue of $253.47 million for the quarter, compared to analyst estimates of $242.74 million. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The company's revenue was up 6.8% on a year-over-year basis. 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. On average, research analysts anticipate that Progress Software Corporation will post 4.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total transaction of $405,547.19. Following the sale, the executive vice president owned 18,370 shares of the company's stock, valued at approximately $703,019.90. The trade was a 36.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.10% of the company's stock.

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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