VIRGINIA RETIREMENT SYSTEMS ET Al Takes $1.26 Million Position in Progress Software Corporation $PRGS

Key Points

• Virginia Retirement Systems purchased 37,400 shares of Progress Software in the second quarter, establishing a position valued at approximately $1.26 million and representing 0.09% of the company.
• Progress Software exceeded quarterly expectations, reporting $1.62 in adjusted EPS and $253.47 million in revenue, with revenue up 6.8% year over year.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds, an average rating of “Moderate Buy,” and an average price target of $52.17 versus the stock’s reported $39.92 price.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 37,400 shares of the software maker's stock, valued at approximately $1,256,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Progress Software at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new stake in Progress Software in the first quarter worth about $26,000. Public Employees Retirement System of Ohio bought a new position in shares of Progress Software during the second quarter valued at approximately $28,000. Parallel Advisors LLC raised its holdings in shares of Progress Software by 142.0% in the first quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker's stock worth $29,000 after buying an additional 653 shares during the period. Hantz Financial Services Inc. raised its holdings in shares of Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock worth $32,000 after buying an additional 493 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Progress Software during the 4th quarter worth approximately $42,000.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total transaction of $405,547.19. Following the completion of the transaction, 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 legal filing with the SEC, 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 currently owned by company insiders.

Progress Software Price Performance

Shares of PRGS stock opened at $39.92 on Friday. Progress Software Corporation has a 1-year low of $23.82 and a 1-year high of $47.37. The stock's 50-day moving average is $41.59 and its 200 day moving average is $34.98. The company has a market cap of $1.64 billion, a P/E ratio of 19.38, a PEG ratio of 1.68 and a beta of 0.82. The company has a debt-to-equity ratio of 2.55, a current ratio of 0.81 and a quick ratio of 0.81.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. DA Davidson upped their price objective on Progress Software from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Wednesday, July 1st. Oppenheimer lowered their target price on shares of Progress Software from $57.00 to $50.00 and set an "outperform" rating for the company in a research note on Wednesday, July 1st. Finally, Weiss Ratings raised shares of Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and an average price target of $52.17.

Progress Software Profile

Progress Software Corporation NASDAQ: PRGS develops enterprise software designed to help organizations build, deploy, manage and secure business applications and digital services. Its portfolio supports application development, data connectivity, integration, file transfer, application performance monitoring and network management across cloud, hybrid and on-premises environments.

The company's products and brands include OpenEdge for developing and deploying business applications; DataDirect for data connectivity; MOVEit for managed file transfer; WhatsUp Gold and Flowmon for network monitoring and visibility; Chef for infrastructure and application automation; Sitefinity for digital experience management; and Telerik and Kendo UI for user interface and development tools.

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