Progress Software Corporation $PRGS Shares Sold by Swedbank AB

Key Points

• Swedbank AB cut its stake in Progress Software by 41.1% in the first quarter, selling 302,068 shares and leaving it with 433,580 shares valued at about $11.1 million.
• Progress Software reported stronger-than-expected quarterly results, posting EPS of $1.62 versus $1.46 expected and revenue of $253.47 million versus $242.74 million, with revenue up 6.8% year over year.
• Shares fell 1.7% to $37.86, while analysts remain generally positive overall with a “Moderate Buy” consensus and an average target price of $49.67.

Swedbank AB reduced its position in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 41.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 433,580 shares of the software maker's stock after selling 302,068 shares during the period. Swedbank AB owned about 1.03% of Progress Software worth $11,121,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PRGS. Hantz Financial Services Inc. boosted its holdings in shares of Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock worth $32,000 after purchasing an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in Progress Software during the fourth quarter worth about $42,000. Advisors Asset Management Inc. lifted its position in Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after buying an additional 604 shares during the period. TD Private Client Wealth LLC boosted its stake in Progress Software by 1,042.5% in the 4th quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker's stock worth $55,000 after buying an additional 1,178 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in Progress Software by 192.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker's stock valued at $57,000 after buying an additional 877 shares during the period.

Progress Software Trading Down 1.7%

Shares of NASDAQ:PRGS traded down $0.64 during trading on Friday, reaching $37.86. 348,380 shares of the stock were exchanged, compared to its average volume of 976,570. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $51.28. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. The firm's 50-day moving average price is $31.56 and its 200 day moving average price is $34.73.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating the consensus estimate of $1.46 by $0.16. The firm had revenue of $253.47 million for the quarter, compared to analyst estimates of $242.74 million. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. Progress Software's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.40 earnings per share. 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. On average, sell-side analysts anticipate that Progress Software Corporation will post 4.77 earnings per share for the current fiscal 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 shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the transaction, the executive vice president owned 18,370 shares of the company's stock, valued at approximately $703,019.90. This trade represents a 36.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRGS. Weiss Ratings lowered shares of Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, April 16th. Wedbush dropped their price target on shares of Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. DA Davidson reaffirmed a "buy" rating and set a $40.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. Citigroup decreased their price target on shares of Progress Software from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, April 1st. Finally, Guggenheim reissued a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Wednesday, July 1st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $49.67.

About Progress Software

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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