Progress Software (NASDAQ:PRGS) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Progress Software shares crossed above their 200-day moving average, reaching $39.50 before closing at $38.61, compared with a 200-day average of $35.55.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $52.17; recent targets range from $50 to $83.
• The company beat quarterly earnings expectations, reporting $1.69 in adjusted EPS versus the $1.52 consensus, although revenue declined 1.5% year over year to $246.01 million.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $35.55 and traded as high as $39.50. Progress Software shares last traded at $38.61, with a volume of 444,191 shares traded.

Analysts Set New Price Targets

Several research analysts have commented on PRGS shares. Zacks Research upgraded shares of Progress Software from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Weiss Ratings upgraded Progress Software from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. DA Davidson reaffirmed a "buy" rating and issued a $55.00 target price on shares of Progress Software in a report on Friday, October 2nd. Guggenheim reaffirmed a "buy" rating and issued a $83.00 target price on shares of Progress Software in a report on Wednesday, July 1st. Finally, Oppenheimer decreased their price target on Progress Software from $57.00 to $50.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and an average target price of $52.17.

Progress Software Stock Performance

The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.65 and a beta of 0.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 2.33. The stock's 50-day moving average is $41.63 and its 200-day moving average is $35.55.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Wednesday, September 30th. The software maker reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.52 by $0.17. The firm had revenue of $246.01 million for the quarter, compared to analyst estimates of $247.33 million. Progress Software had a net margin of 9.24% and a return on equity of 42.91%. The company's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. Progress Software has set its Q4 2026 guidance at 1.240-1.330 EPS and its FY 2026 guidance at 6.150-6.230 EPS. On average, analysts predict that Progress Software Corporation will post 4.78 EPS for the current fiscal year.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,245 shares of the firm's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $37.00, for a total transaction of $46,065.00. Following the sale, the insider owned 3,487 shares of the company's stock, valued at $129,019. This trade represents a 26.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently bought and sold shares of PRGS. Geneos Wealth Management Inc. acquired a new position in Progress Software in the 1st quarter valued at approximately $26,000. Public Employees Retirement System of Ohio bought a new position in shares of Progress Software during the second quarter valued at $28,000. Parallel Advisors LLC raised its stake in shares of Progress Software by 142.0% during the first quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker's stock valued at $29,000 after acquiring an additional 653 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Progress Software by 192.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker's stock worth $57,000 after purchasing an additional 877 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Progress Software during the second quarter worth $61,000.

Progress Software Company Profile

Progress Software Corporation develops enterprise software that helps organizations build, deploy, integrate, and manage business applications and digital services. Its offerings are designed to support application development, data connectivity, integration, messaging, user experiences, and infrastructure performance across on-premises, cloud, and hybrid environments.

The company's product portfolio includes OpenEdge for application development and deployment, DataDirect for data connectivity, MOVEit for managed file transfer, WhatsUp Gold for network monitoring, and Sitefinity for digital experience management.

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