Progress Software’s (PRGS) Outperform Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research note issued to investors on Tuesday morning,Benzinga reports. Wedbush currently has a $75.00 price objective on the software maker’s stock. Wedbush also issued estimates for Progress Software’s Q3 2026 earnings at $1.22 EPS and Q4 2026 earnings at $1.20 EPS.

A number of other research firms have also weighed in on PRGS. Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $75.17.

Progress Software Stock Down 1.7 %

PRGS stock opened at $57.99 on Tuesday. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The stock has a fifty day moving average of $55.83 and a 200-day moving average of $62.03. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 37.17, a PEG ratio of 2.82 and a beta of 0.88. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The company’s revenue was up 28.9% on a year-over-year basis. During the same quarter last year, the company earned $1.25 earnings per share. As a group, equities research analysts predict that Progress Software will post 4.01 earnings per share for the current year.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This represents a 16.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently made changes to their positions in PRGS. Bessemer Group Inc. increased its position in Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after purchasing an additional 296 shares during the period. Orion Capital Management LLC purchased a new position in shares of Progress Software during the fourth quarter valued at about $33,000. Smartleaf Asset Management LLC raised its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares in the last quarter.

Progress Software Company Profile

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.