Nuveen LLC Takes Position in Progress Software Corporation $PRGS

Key Points

• Nuveen LLC acquired a new position in Progress Software Corporation, purchasing 193,615 shares valued at approximately $9.97 million, which accounts for about 0.45% of the company's total shares.
• Progress Software reported a quarterly earnings per share of $1.40, exceeding analysts' expectations of $1.30, alongside a revenue of $237.36 million for the quarter, indicating a year-over-year growth of 35.6%.
• Several analysts have given mixed ratings on Progress Software, with Guggenheim maintaining a "buy" rating at a price target of $83.00, while Citigroup lowered their price objective from $64.00 to $57.00.

Nuveen LLC acquired a new stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 193,615 shares of the software maker's stock, valued at approximately $9,973,000. Nuveen LLC owned about 0.45% of Progress Software at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Orion Capital Management LLC bought a new position in Progress Software during the 4th quarter valued at $33,000. Nisa Investment Advisors LLC boosted its stake in Progress Software by 25.0% during the 1st 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. LPL Financial LLC bought a new position in Progress Software during the 4th quarter valued at $248,000. Dakota Wealth Management bought a new position in Progress Software during the 1st quarter valued at $224,000. Finally, Canada Pension Plan Investment Board boosted its stake in Progress Software by 820.0% during the 4th quarter. Canada Pension Plan Investment Board now owns 4,600 shares of the software maker's stock valued at $300,000 after acquiring an additional 4,100 shares during the last quarter.

Analyst Upgrades and Downgrades

PRGS has been the topic of a number of research analyst reports. Citigroup reduced their price objective on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Guggenheim reiterated a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, DA Davidson raised their price target on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Four equities research 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 company currently has an average rating of "Moderate Buy" and an average price target of $73.33.

Progress Software Trading Up 4.5%

Progress Software stock opened at $46.70 on Friday. The firm's 50-day moving average is $51.50 and its 200-day moving average is $55.92. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. Progress Software Corporation has a 1 year low of $42.88 and a 1 year high of $70.56. The company has a market cap of $2.01 billion, a P/E ratio of 35.65, a PEG ratio of 2.12 and a beta of 0.70.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping 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 company had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. During the same period last year, the firm posted $1.09 EPS. The company's revenue for the quarter was up 35.6% on a year-over-year basis. 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, equities analysts expect that Progress Software Corporation will post 4.01 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David Krall acquired 5,125 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were acquired at an average price of $48.90 per share, with a total value of $250,612.50. Following the acquisition, the director directly owned 100,090 shares in the company, valued at approximately $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rainer Gawlick acquired 1,710 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the acquisition, the director owned 55,544 shares in the company, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company's stock.

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.

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