JPMorgan Chase & Co. Sells 2,548,471 Shares of Progress Software Corporation $PRGS

Key Points

• JPMorgan Chase sold 2,548,471 shares of Progress Software in Q3, cutting its stake by 90.4% to 270,954 shares (about 0.63% of the company) valued at $11.9 million.
• DLD Asset Management drastically increased its position—adding 10.3 million shares to hold 43 million shares worth roughly $2.745 billion—while several other institutions (Boston Trust, Allspring, Geode, Swedbank) also boosted their PRGS stakes.
• Progress beat Q results (EPS $1.51 vs. $1.31 est.), reported 17.5% revenue growth and set FY2026 EPS guidance of $1.74–1.91, while analysts maintain a consensus "Moderate Buy" rating with a $64.60 target.

JPMorgan Chase & Co. decreased its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 90.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 270,954 shares of the software maker's stock after selling 2,548,471 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.63% of Progress Software worth $11,903,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PRGS. DLD Asset Management LP increased its holdings in Progress Software by 31.5% in the 2nd quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker's stock worth $2,745,120,000 after acquiring an additional 10,300,000 shares in the last quarter. Boston Trust Walden Corp boosted its position in shares of Progress Software by 8.6% in the third quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker's stock worth $85,693,000 after purchasing an additional 153,957 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker's stock worth $53,302,000 after purchasing an additional 243,950 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Progress Software by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker's stock valued at $68,155,000 after purchasing an additional 5,187 shares during the period. Finally, Swedbank AB lifted its stake in shares of Progress Software by 3.0% during the 3rd quarter. Swedbank AB now owns 744,226 shares of the software maker's stock valued at $32,694,000 after buying an additional 21,500 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRGS. Weiss Ratings upgraded Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, February 25th. DA Davidson reiterated a "buy" rating and set a $70.00 target price on shares of Progress Software in a research report on Wednesday, February 4th. Jefferies Financial Group decreased their target price on Progress Software from $50.00 to $45.00 and set a "hold" rating on the stock in a research note on Monday, January 5th. Wedbush lowered their price target on Progress Software from $75.00 to $65.00 and set an "outperform" rating on the stock in a report on Thursday, January 22nd. Finally, Citigroup increased their price objective on shares of Progress Software from $54.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.60.

Progress Software Stock Up 2.6%

NASDAQ PRGS opened at $39.71 on Friday. The stock has a 50 day moving average price of $40.83 and a 200-day moving average price of $42.65. Progress Software Corporation has a one year low of $34.57 and a one year high of $65.50. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.49 and a current ratio of 0.49. The company has a market capitalization of $1.67 billion, a P/E ratio of 23.92, a P/E/G ratio of 1.70 and a beta of 0.57.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Tuesday, January 20th. The software maker reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.20. Progress Software had a net margin of 7.48% and a return on equity of 43.90%. The company had revenue of $253.00 million for the quarter, compared to the consensus estimate of $252.86 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Progress Software's revenue was up 17.5% on a year-over-year basis. Progress Software has set its FY 2026 guidance at 1.74-1.910 EPS and its Q1 2026 guidance at 1.56-1.62 EPS. As a group, equities analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total transaction of $240,000.00. Following the sale, the chief financial officer directly owned 48,802 shares of the company's stock, valued at $1,952,080. The trade was a 10.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sundar Subramanian sold 1,352 shares of the business's stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $42.37, for a total value of $57,284.24. Following the transaction, the executive vice president directly owned 29,066 shares in the company, valued at approximately $1,231,526.42. This represents a 4.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.40% of the company's stock.

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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