Ieq Capital LLC Makes New $1.83 Million Investment in Progress Software Corporation $PRGS

Key Points

• Ieq Capital acquired 54,368 Progress Software shares worth approximately $1.83 million, representing a 0.13% stake. Several other institutional investors also increased or initiated positions during the quarter.
• Progress Software reported quarterly earnings of $1.62 per share, exceeding estimates of $1.46, while revenue rose 6.8% year over year to $253.47 million. The company issued fiscal 2026 EPS guidance of $6.09–$6.21.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $52.17 versus the stock’s opening price of $43.28. An executive separately sold 10,597 shares under a pre-arranged trading plan.

Ieq Capital LLC acquired a new position in Progress Software Corporation (NASDAQ:PRGS - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 54,368 shares of the software maker's stock, valued at approximately $1,826,000. Ieq Capital LLC owned 0.13% of Progress Software as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Heron Bay Capital Management purchased a new stake in Progress Software in the 2nd quarter worth $34,011,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Progress Software by 133.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker's stock valued at $31,335,000 after acquiring an additional 698,611 shares in the last quarter. LSV Asset Management boosted its stake in shares of Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker's stock worth $42,178,000 after acquiring an additional 619,800 shares during the period. Rice Hall James & Associates LLC bought a new position in shares of Progress Software in the second quarter worth about $19,149,000. Finally, Oaktop Capital Management II L.P. purchased a new stake in shares of Progress Software during the second quarter worth about $17,079,000.

Analyst Upgrades and Downgrades

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

Progress Software Stock Down 0.3%

NASDAQ PRGS opened at $43.28 on Wednesday. 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 company has a market capitalization of $1.77 billion, a P/E ratio of 21.01, a P/E/G ratio of 1.82 and a beta of 0.81. Progress Software Corporation has a one year low of $23.82 and a one year high of $47.37. The stock has a 50 day moving average price of $38.74 and a 200-day moving average price of $34.55.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share 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 company had revenue of $253.47 million for the quarter, compared to analysts' expectations of $242.74 million. During the same quarter in the previous year, the business posted $1.40 earnings per share. Progress Software's quarterly 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. As a group, equities analysts predict that Progress Software Corporation will post 4.77 EPS for the current fiscal year.

Insider Activity 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 transaction, the executive vice president owned 18,370 shares of the company's stock, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their position. The sale was disclosed in a legal 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.

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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