Cibc World Market Inc. Invests $431,000 in Progress Software Corporation $PRGS

Cibc World Market Inc. bought a new stake in shares of Progress Software Corporation (NASDAQ:PRGS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,830 shares of the software maker’s stock, valued at approximately $431,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new stake in Progress Software in the first quarter worth about $26,000. Parallel Advisors LLC grew its holdings in shares of Progress Software by 142.0% during the 1st quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker’s stock worth $29,000 after acquiring an additional 653 shares during the period. Hantz Financial Services Inc. grew its holdings in shares of Progress Software by 194.1% during the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock worth $32,000 after acquiring an additional 493 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of Progress Software in the 4th quarter worth approximately $42,000. Finally, Advisors Asset Management Inc. raised its position in shares of Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRGS. Guggenheim restated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Wednesday, July 1st. Oppenheimer lowered their price objective on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, July 1st. Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, DA Davidson upped their target price on shares of Progress Software from $45.00 to $55.00 and gave the stock 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.17.

Progress Software Price Performance

PRGS stock opened at $44.76 on Friday. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50 day moving average price of $39.62 and a 200-day moving average price of $34.66. Progress Software Corporation has a 52-week low of $23.82 and a 52-week high of $47.37. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 1.90 and a beta of 0.81.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $242.74 million. During the same quarter in the prior year, the business posted $1.40 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. 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. Equities research analysts forecast that Progress Software Corporation will post 4.77 EPS for the current fiscal year.

Insider Activity at Progress Software

In other news, EVP Sundar Subramanian sold 10,597 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total value of $405,547.19. Following the sale, the executive vice president directly owned 18,370 shares of the company’s stock, valued at approximately $703,019.90. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.10% of the company’s stock.

Progress Software Company 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.