Martingale Asset Management L P Cuts Stock 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 lowered its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 59.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRGS. Orion Capital Management LLC purchased a new position in Progress Software during the fourth quarter valued at approximately $33,000. Nisa Investment Advisors LLC boosted 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 valued at $84,000 after purchasing an additional 326 shares during the period. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in shares of Progress Software during the 1st quarter valued at $206,000. Dakota Wealth Management bought a new position in shares of Progress Software in the first quarter worth $224,000. Finally, LPL Financial LLC purchased a new stake in shares of Progress Software in the fourth quarter worth $248,000.

Progress Software Trading Down 0.0%

Shares of NASDAQ:PRGS traded down $0.02 during trading on Friday, reaching $46.29. 424,428 shares of the company traded hands, compared to its average volume of 818,445. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a 52-week low of $42.88 and a 52-week high of $70.56. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 35.34, a P/E/G ratio of 2.19 and a beta of 0.70. The business's fifty day moving average is $49.81 and its 200-day moving average is $55.52.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm had revenue of $237.36 million for the quarter, compared to analysts' expectations of $237.23 million. During the same quarter in the previous year, the company earned $1.09 earnings per share. The company's revenue for the quarter was up 35.6% compared to the same quarter last year. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. As a group, analysts forecast that Progress Software Corporation will post 4.01 EPS for the current year.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were 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 directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Krall bought 5,125 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the purchase, the director directly owned 100,090 shares in the company, valued at approximately $4,894,401. This represents a 5.40% increase in their position. The disclosure for this purchase can be found here. Insiders own 3.40% of the company's stock.

Analyst Upgrades and Downgrades

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

About Progress Software

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.