Hsbc Holdings PLC Boosts Holdings in Progress Software Corporation $PRGS

Key Points

• Hsbc Holdings PLC more than doubled its Progress Software stake in the second quarter, increasing holdings by 128.7% to 83,759 shares valued at approximately $2.85 million.
• Progress Software exceeded quarterly expectations, reporting $1.62 in EPS versus the $1.46 consensus and $253.47 million in revenue, up 6.8% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $52.17, compared with the stock’s reported price of $40.61.

Hsbc Holdings PLC lifted its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 128.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,759 shares of the software maker's stock after buying an additional 47,132 shares during the quarter. Hsbc Holdings PLC owned about 0.20% of Progress Software worth $2,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new stake in Progress Software in the first quarter worth about $26,000. Public Employees Retirement System of Ohio purchased a new position in shares of Progress Software during the 2nd quarter worth approximately $28,000. Parallel Advisors LLC raised its position in shares of Progress Software by 142.0% in the 1st quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker's stock worth $29,000 after acquiring an additional 653 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of Progress Software by 194.1% in the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock worth $32,000 after acquiring an additional 493 shares in the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Progress Software in the 4th quarter valued at approximately $42,000.

Progress Software Price Performance

Shares of PRGS opened at $40.61 on Friday. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $47.37. The company has a market capitalization of $1.67 billion, a P/E ratio of 19.71, a price-to-earnings-growth ratio of 1.71 and a beta of 0.82. The firm has a 50 day moving average of $41.56 and a 200 day moving average of $34.95. 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 (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.16. The business had revenue of $253.47 million for the quarter, compared to analysts' expectations of $242.74 million. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The firm's quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $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, equities research analysts anticipate that Progress Software Corporation will post 4.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PRGS shares. Guggenheim reiterated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Wednesday, July 1st. Oppenheimer dropped their target price 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 increased their price target 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. Finally, Weiss Ratings raised shares of Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and an average price target of $52.17.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of Progress Software stock in a transaction dated Wednesday, July 1st. The stock was 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 directly owned 18,370 shares in the company, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by company insiders.

About Progress Software

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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