The Manufacturers Life Insurance Company Invests $40.78 Million in Progress Software Corporation $PRGS

The Manufacturers Life Insurance Company acquired a new stake in shares of Progress Software Corporation (NASDAQ:PRGS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,214,414 shares of the software maker’s stock, valued at approximately $40,780,000. The Manufacturers Life Insurance Company owned approximately 2.96% of Progress Software as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PRGS. Advisors Asset Management Inc. increased its stake in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Progress Software by 16.9% during the first quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock worth $2,194,000 after buying an additional 6,147 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Progress Software by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock valued at $1,321,000 after buying an additional 1,454 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Progress Software by 75.6% during the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after buying an additional 241,515 shares during the last quarter. Finally, Jane Street Group LLC increased its position in shares of Progress Software by 206.8% in the 1st quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock valued at $5,734,000 after acquiring an additional 75,044 shares during the period.

Insider Activity at Progress Software

In other news, EVP Sundar Subramanian sold 10,597 shares of Progress Software 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by insiders.

Progress Software Stock Up 0.6%

Shares of PRGS opened at $43.53 on Thursday. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 1.82 and a beta of 0.81. Progress Software Corporation has a 52 week low of $23.82 and a 52 week high of $47.37. The stock’s 50-day moving average price is $39.01 and its 200-day moving average price is $34.57. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, beating 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 company had revenue of $253.47 million during the quarter, compared to analysts’ expectations of $242.74 million. During the same period last year, the business earned $1.40 earnings per share. Progress Software’s quarterly revenue 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, sell-side analysts predict that Progress Software Corporation will post 4.77 EPS for the current year.

Analyst Ratings Changes

PRGS has been the subject of a number of research analyst reports. Weiss Ratings upgraded Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Guggenheim reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Wednesday, July 1st. Oppenheimer reduced their price objective on 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, DA Davidson upped their target price on Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.17.

Progress Software Profile

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.