Martingale Asset Management L P Decreases Holdings in Progress Software Corporation $PRGS

Key Points

• Martingale Asset Management L P reduced its stake in Progress Software Corporation (PRGS) by 59.5% during the 1st quarter, now holding 17,674 shares valued at approximately $910,000.
• Progress Software reported Q2 earnings of $1.40 EPS, surpassing analysts' expectations, along with a revenue increase of 35.6% year-over-year.
• Multiple analysts have given Progress Software a mix of "buy" and "hold" ratings, with price targets ranging from $70.00 to $83.00, reflecting varied outlooks on the stock's potential.

Martingale Asset Management L P reduced its holdings in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 59.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,674 shares of the software maker's stock after selling 25,980 shares during the quarter. Martingale Asset Management L P's holdings in Progress Software were worth $910,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRGS. Orion Capital Management LLC purchased a new stake in Progress Software in the fourth quarter worth $33,000. Nisa Investment Advisors LLC raised its holdings in Progress Software by 25.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after purchasing an additional 326 shares in the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of Progress Software in the 1st quarter worth about $206,000. Dakota Wealth Management purchased a new stake in shares of Progress Software in the 1st quarter worth about $224,000. Finally, LPL Financial LLC bought a new stake in shares of Progress Software during the 4th quarter valued at about $248,000.

Progress Software Stock Down 0.5%

NASDAQ:PRGS traded down $0.23 on Friday, reaching $46.08. 186,139 shares of the stock traded hands, compared to its average volume of 774,383. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 35.21, a PEG ratio of 2.22 and a beta of 0.70. Progress Software Corporation has a 12 month low of $42.88 and a 12 month high of $70.56. The company's fifty day simple moving average is $50.14 and its 200 day simple moving average is $55.61.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.10. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business's revenue was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Equities analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the transaction, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. The trade was a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rainer Gawlick acquired 1,710 shares of Progress Software stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average price of $43.48 per share, with a total value of $74,350.80. Following the completion of the acquisition, the director directly owned 55,544 shares in the company, valued at $2,415,053.12. This represents a 3.18% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company's stock.

Wall Street Analyst Weigh In

PRGS has been the subject of a number of research reports. Wedbush reissued an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Friday, June 27th. DA Davidson increased their target price on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Citigroup dropped their price target on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $73.33.

Progress Software Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.