The Manufacturers Life Insurance Company Raises Holdings in Progress Software Corporation $PRGS

Key Points

• The Manufacturers Life Insurance Company increased its Progress Software stake by 15% in the first quarter, bringing its holdings to 1.07 million shares valued at approximately $27.5 million. Several other institutional investors also significantly increased their positions.
• Progress Software reported quarterly adjusted EPS of $1.62, beating estimates of $1.46, while revenue rose 6.8% year over year to $253.5 million. The company issued fiscal 2026 EPS guidance of $6.09 to $6.21.
• Analyst sentiment remains mixed but leans positive, with a consensus rating of “Moderate Buy” and a $50.50 price target. PRGS opened at $40.59, while targets ranged from $45 to $83 and one firm maintained a sell rating.

The Manufacturers Life Insurance Company increased its stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 15.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,070,327 shares of the software maker's stock after purchasing an additional 139,257 shares during the period. The Manufacturers Life Insurance Company owned 2.54% of Progress Software worth $27,454,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its holdings in Progress Software by 133.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker's stock valued at $31,335,000 after buying an additional 698,611 shares during the last quarter. LSV Asset Management raised its holdings in shares of Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker's stock worth $42,178,000 after acquiring an additional 619,800 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Progress Software in the third quarter worth $16,324,000. Marshall Wace LLP lifted its position in shares of Progress Software by 732.6% in the third quarter. Marshall Wace LLP now owns 357,384 shares of the software maker's stock valued at $15,700,000 after acquiring an additional 314,459 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker's stock valued at $28,894,000 after acquiring an additional 241,515 shares in the last quarter.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of Progress Software stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total value of $405,547.19. Following the completion of the sale, the executive vice president owned 18,370 shares in the company, valued at $703,019.90. The trade was a 36.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PRGS shares. Oppenheimer dropped their price objective on Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday, July 1st. DA Davidson upped their target price on shares of Progress Software from $40.00 to $45.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Progress Software in a research note on Tuesday, July 14th. Finally, Guggenheim reiterated a "buy" rating and set a $83.00 price target on shares of Progress Software in a report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.50.

Progress Software Price Performance

PRGS stock opened at $40.59 on Friday. Progress Software Corporation has a 52-week low of $23.82 and a 52-week high of $49.27. The stock's fifty day simple moving average is $34.81 and its 200-day simple moving average is $34.38. 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 stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 19.70, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The business had revenue of $253.47 million during the quarter, compared to the consensus estimate of $242.74 million. During the same quarter in the previous year, the business earned $1.40 earnings per share. The business's revenue for the quarter was up 6.8% on a year-over-year basis. 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. Equities research analysts expect that Progress Software Corporation will post 4.77 EPS for the current year.

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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