Y Intercept Hong Kong Ltd Makes New Investment in Progress Software Corporation $PRGS

Key Points

• Y Intercept Hong Kong Ltd initiated a new position in Progress Software, buying 57,918 shares valued at about $1.49 million in the first quarter.
• Progress Software reported better-than-expected quarterly results, with earnings of $1.62 per share and revenue of $253.47 million, both beating analyst estimates.
• Shares of PRGS were down 1.7% in recent trading, while analysts currently hold a Moderate Buy consensus with an average price target of $49.67.

Y Intercept Hong Kong Ltd bought a new stake in shares of Progress Software Corporation (NASDAQ:PRGS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 57,918 shares of the software maker's stock, valued at approximately $1,486,000. Y Intercept Hong Kong Ltd owned approximately 0.14% of Progress Software at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PRGS. Hillsdale Investment Management Inc. boosted its stake in shares of Progress Software by 37.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 124,750 shares of the software maker's stock valued at $5,359,000 after buying an additional 33,800 shares during the period. Dana Investment Advisors Inc. acquired a new position in shares of Progress Software in the fourth quarter worth $6,011,000. M&T Bank Corp acquired a new position in shares of Progress Software in the fourth quarter worth $3,626,000. LSV Asset Management raised its holdings in shares of Progress Software by 171.2% during 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 in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Progress Software during the fourth quarter worth $1,470,000.

Insider Activity at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of Progress Software stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total value of $405,547.19. Following the transaction, the executive vice president directly owned 18,370 shares of the company's stock, valued at $703,019.90. The trade was a 36.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 Stock Down 1.7%

Shares of NASDAQ PRGS traded down $0.64 during mid-day trading on Friday, reaching $37.86. 348,380 shares of the company traded hands, compared to its average volume of 976,570. The company's fifty day moving average is $31.56 and its two-hundred day moving average is $34.73. 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 fifty-two week low of $23.82 and a fifty-two week high of $51.28. The stock has a market cap of $1.55 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The firm had revenue of $253.47 million during the quarter, compared to analyst estimates of $242.74 million. During the same period in the previous year, the company earned $1.40 EPS. The company'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. On average, analysts expect that Progress Software Corporation will post 4.77 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings downgraded Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, April 16th. DA Davidson reiterated a "buy" rating and set a $40.00 price target on shares of Progress Software in a report on Wednesday, July 1st. Wedbush lowered their price target on Progress Software from $65.00 to $45.00 and set an "outperform" rating for the company in a research note on Tuesday, March 31st. Jefferies Financial Group dropped their price objective on Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a report on Tuesday, March 31st. Finally, Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus 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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