Progress Software Corporation (NASDAQ:PRGS) Stock Has Average Price Target of $51.57

Shares of Progress Software Corporation (NASDAQ:PRGS) have been given a consensus rating of “Moderate Buy” by the nine research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $51.57.

A number of analysts have recently commented on PRGS shares. Yorkville Ives initiated coverage on shares of Progress Software in a report on Wednesday, October 7th. They set an “outperform” rating and a $48.00 target price on the stock. Jefferies Financial Group raised shares of Progress Software to a “hold” rating in a report on Friday, September 25th. Guggenheim reiterated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Wednesday, July 1st. Oppenheimer lowered their price target on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, July 1st. Finally, Zacks Research raised Progress Software from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th.

Insider Activity at Progress Software

In other Progress Software news, insider Yufan Stephanie Wang sold 1,245 shares of the business’s stock in a transaction that occurred 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 directly owned 3,487 shares of the company’s stock, valued at $129,019. The trade was a 26.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Anthony Folger sold 3,067 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $40.36, for a total value of $123,784.12. Following the sale, the chief financial officer owned 49,984 shares in the company, valued at approximately $2,017,354.24. This trade represents a 5.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company’s stock.

Institutional Trading of Progress Software

A number of large investors have recently made changes to their positions in the stock. Rice Hall James & Associates LLC increased its stake in shares of Progress Software by 27.2% during the first quarter. Rice Hall James & Associates LLC now owns 452,702 shares of the software maker’s stock valued at $11,612,000 after buying an additional 96,793 shares during the period. Glenmede Trust Co. NA grew its stake in Progress Software by 15.4% during the 1st quarter. Glenmede Trust Co. NA now owns 312,282 shares of the software maker’s stock worth $8,010,000 after buying an additional 41,600 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Progress Software by 133.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker’s stock valued at $31,335,000 after acquiring an additional 698,611 shares in the last quarter. Oaktop Capital Management II L.P. purchased a new stake in shares of Progress Software during the second quarter valued at $17,079,000. Finally, Corient Private Wealth LP grew its holdings in shares of Progress Software by 42.8% during the second quarter. Corient Private Wealth LP now owns 129,526 shares of the software maker’s stock valued at $4,349,000 after buying an additional 38,815 shares during the last quarter.

Progress Software Price Performance

PRGS stock opened at $46.45 on Friday. Progress Software has a 12-month low of $23.82 and a 12-month high of $47.25. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 1.95 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 firm’s 50-day moving average price is $41.64 and its two-hundred day moving average price is $36.32.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, September 30th. The software maker reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.17. Progress Software had a return on equity of 42.91% and a net margin of 9.24%. The business had revenue of $246.01 million during the quarter, compared to analysts’ expectations of $247.33 million. During the same quarter last year, the business posted $0.44 EPS. The business’s revenue was down 1.5% on a year-over-year basis. 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. As a group, equities analysts predict that Progress Software will post 4.78 earnings per share for the current year.

About Progress Software

Progress Software Corporation (NASDAQ: PRGS) develops enterprise software designed to help organizations build, deploy, integrate, secure and manage business applications and digital services. Its portfolio supports application development, data connectivity, application integration, file transfer, network monitoring and digital experience management across cloud, on-premises and hybrid environments.

The company’s products include OpenEdge for developing and operating business applications; Telerik and Kendo UI development tools; DataDirect data connectivity technologies; Sitefinity digital experience software; WhatsUp Gold network monitoring; MOVEit managed file transfer; and Chef automation and infrastructure-management tools.