Northern Trust Corp Acquires 6,435 Shares of Progress Software Corporation $PRGS

Key Points

• Northern Trust Corp increased its stake in Progress Software Corporation by 1.3% in Q1, now owning approximately 1.19% of the company valued at $26.3 million.
• Recent analyst reports have mixed ratings for the stock, with DA Davidson raising its target price to $75 while Citigroup lowered its target to $57, reflecting varying confidence in the company's performance.
• Two directors of Progress Software made significant stock purchases recently, indicating a commitment from company leadership, with ownership by corporate insiders now at 3.40%.

Northern Trust Corp grew its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 1.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 510,558 shares of the software maker's stock after purchasing an additional 6,435 shares during the quarter. Northern Trust Corp owned approximately 1.19% of Progress Software worth $26,299,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRGS. Orion Capital Management LLC purchased a new stake in shares of Progress Software during the fourth quarter valued at approximately $33,000. Nisa Investment Advisors LLC increased its position in shares of Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after acquiring an additional 326 shares during the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of Progress Software during the first quarter valued at approximately $206,000. Dakota Wealth Management purchased a new stake in shares of Progress Software during the first quarter valued at approximately $224,000. Finally, Cetera Investment Advisers increased its position in shares of Progress Software by 8.3% during the fourth quarter. Cetera Investment Advisers now owns 4,796 shares of the software maker's stock valued at $312,000 after acquiring an additional 367 shares during the last quarter.

Analyst Ratings Changes

A number of analysts recently commented on the company. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. DA Davidson raised 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 decreased their target price on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Finally, Wedbush reissued an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $73.33.

Insider Activity at Progress Software

In other Progress Software news, Director Rainer Gawlick acquired 1,710 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $43.48 per share, with a total value of $74,350.80. Following the completion of the purchase, the director owned 55,544 shares of the company's stock, valued at approximately $2,415,053.12. This represents a 3.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anthony Folger sold 5,529 shares of Progress Software 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 sale, the chief financial officer directly owned 43,559 shares of the company's stock, valued at $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.

Progress Software Stock Performance

Shares of Progress Software stock traded down $0.79 during trading hours on Thursday, reaching $44.01. The company had a trading volume of 275,701 shares, compared to its average volume of 771,381. Progress Software Corporation has a one year low of $42.88 and a one year high of $70.56. The business has a fifty day simple moving average of $48.69 and a 200 day simple moving average of $55.28. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $1.90 billion, a PE ratio of 33.62, a price-to-earnings-growth ratio of 2.19 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10. The company had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. Progress Software's revenue for the quarter was up 35.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $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. On average, analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Progress Software Company 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.