Vanguard Group Inc. Lowers Position in Progress Software Corporation $PRGS

Vanguard Group Inc. lowered its position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) by 0.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,837,177 shares of the software maker's stock after selling 18,348 shares during the quarter. Vanguard Group Inc. owned approximately 13.57% of Progress Software worth $300,673,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRGS. QRG Capital Management Inc. grew its stake in Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after purchasing an additional 187 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Progress Software by 9.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker's stock worth $433,000 after purchasing an additional 694 shares in the last quarter. LPL Financial LLC grew its stake in Progress Software by 1,161.5% during the 1st quarter. LPL Financial LLC now owns 48,112 shares of the software maker's stock worth $2,478,000 after purchasing an additional 44,298 shares in the last quarter. Natixis Advisors LLC acquired a new position in Progress Software during the 1st quarter worth $693,000. Finally, Raymond James Financial Inc. purchased a new stake in Progress Software during the 4th quarter worth about $15,432,000.

Insider Activity at Progress Software

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

Analyst Ratings Changes

PRGS has been the subject of several analyst reports. Citigroup reduced their price objective on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Wall Street Zen cut Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. DA Davidson boosted their target price on Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, July 1st. Finally, Wedbush reaffirmed an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

Progress Software Stock Performance

Shares of PRGS traded up $0.12 during midday trading on Thursday, reaching $44.68. The stock had a trading volume of 229,249 shares, compared to its average volume of 782,645. The firm has a 50 day simple moving average of $52.19 and a 200-day simple moving average of $56.08. The firm has a market cap of $1.93 billion, a PE ratio of 34.10, a P/E/G ratio of 2.13 and a beta of 0.70. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software Corporation has a one year low of $42.88 and a one year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results 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%. The business's revenue for the quarter was up 35.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.09 EPS. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. As a group, sell-side analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current year.

About Progress Software

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.