Progress Software Corporation $PRGS Holdings Raised by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management increased its Progress Software stake by 48.3% in the second quarter, ending with 97,069 shares worth approximately $3.26 million, or 0.24% of the company.
• Analysts remain broadly positive, with five Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $52.17. DA Davidson raised its target to $55, while Oppenheimer cut its target to $50.
• Progress Software exceeded quarterly expectations, reporting adjusted EPS of $1.62 versus $1.46 expected and revenue of $253.47 million versus $242.74 million forecast; revenue increased 6.8% year over year.

Wedge Capital Management L L P NC lifted its position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 48.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 97,069 shares of the software maker's stock after acquiring an additional 31,628 shares during the period. Wedge Capital Management L L P NC owned about 0.24% of Progress Software worth $3,260,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its stake in Progress Software by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker's stock valued at $358,000 after purchasing an additional 258 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Progress Software by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker's stock worth $2,531,000 after buying an additional 333 shares during the last quarter. Moody National Bank Trust Division lifted its position in shares of Progress Software by 1.3% in the 2nd quarter. Moody National Bank Trust Division now owns 28,230 shares of the software maker's stock worth $948,000 after buying an additional 357 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Progress Software by 23.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,126 shares of the software maker's stock valued at $71,000 after buying an additional 410 shares during the period. Finally, Susquehanna Fundamental Investments LLC grew its position in shares of Progress Software by 0.9% during the 4th quarter. Susquehanna Fundamental Investments LLC now owns 48,522 shares of the software maker's stock valued at $2,085,000 after buying an additional 450 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have issued reports on PRGS. DA Davidson raised their target price on shares of Progress Software from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday. Oppenheimer lowered their target price on Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a report on Wednesday, July 1st. Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $52.17.

Progress Software Trading Up 2.6%

Shares of NASDAQ:PRGS opened at $44.73 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55. The company's 50-day moving average price is $36.81 and its 200 day moving average price is $34.42. The company has a market cap of $1.83 billion, a PE ratio of 21.71, a P/E/G ratio of 1.83 and a beta of 0.81. Progress Software Corporation has a fifty-two week low of $23.82 and a fifty-two week high of $47.37.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping the consensus estimate of $1.46 by $0.16. The firm had revenue of $253.47 million during the quarter, compared to analysts' expectations of $242.74 million. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. Progress Software's quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.40 EPS. Progress Software has set its FY 2026 guidance at 6.090-6.210 EPS and its Q3 2026 guidance at 1.530-1.590 EPS. Sell-side analysts anticipate that Progress Software Corporation will post 4.77 earnings per share for the current year.

Insider Activity

In other news, EVP Sundar Subramanian sold 10,597 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total transaction of $405,547.19. Following the transaction, the executive vice president directly owned 18,370 shares of the company's stock, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company's stock.

Progress Software Profile

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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