Progress Software's (PRGS) "Outperform" Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Progress Software (NASDAQ:PRGS - Free Report) in a research report sent to investors on Tuesday morning,Benzinga reports. Wedbush currently has a $75.00 target price 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.

Several other research analysts have also recently weighed in on PRGS. Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. DA Davidson reaffirmed a "buy" rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Jefferies Financial Group lifted their price target on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, January 6th. Finally, Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Progress Software has a consensus rating of "Moderate Buy" and an average target price of $75.17.

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Progress Software Price Performance

PRGS traded down $0.99 on Tuesday, reaching $57.99. The stock had a trading volume of 1,108,026 shares, compared to its average volume of 545,166. The firm has a 50-day moving average of $55.75 and a 200-day moving average of $62.06. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 37.17, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. During the same period in the previous year, the firm posted $1.25 EPS. The company's revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Progress Software will post 4.01 EPS for the current year.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,482 shares of company stock worth $984,621. Insiders own 3.40% of the company's stock.

Institutional Trading of Progress Software

A number of hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. increased its holdings in Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after buying an additional 296 shares during the last quarter. Orion Capital Management LLC purchased a new position in Progress Software during the fourth quarter valued at $33,000. Smartleaf Asset Management LLC grew its holdings in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after purchasing an additional 688 shares during the period. GAMMA Investing LLC increased its position 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 in the last quarter. Finally, TD Private Client Wealth LLC raised its stake in shares of Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock worth $126,000 after buying an additional 301 shares during the period.

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.