Progress Software (NASDAQ:PRGS) Receives “Outperform” Rating from Wedbush

by · The Cerbat Gem

Wedbush reaffirmed their outperform rating on shares of Progress Software (NASDAQ:PRGS – Free Report) in a report released 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.

A number of other research firms also recently commented on PRGS. Citigroup increased their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. DA Davidson reiterated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.17.

View Our Latest Analysis on Progress Software

Progress Software Trading Down 1.7 %

Shares of Progress Software stock opened at $57.99 on Tuesday. The company has a market capitalization of $2.50 billion, a P/E ratio of 37.17, a P/E/G 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. The company has a fifty day moving average of $55.83 and a 200 day moving average of $62.03. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Progress Software (NASDAQ:PRGS – Get Free Report) last issued 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. The firm had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. Progress Software’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. On average, sell-side analysts anticipate that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock worth $984,621 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. raised its position in shares of Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after acquiring an additional 204 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Progress Software by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock valued at $290,000 after buying an additional 239 shares in the last quarter. First Trust Advisors LP grew its position in shares of Progress Software by 0.3% in the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock worth $6,248,000 after buying an additional 281 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in Progress Software by 19.3% during the third 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 during the last quarter.

Progress Software Company Profile

(Get Free Report)

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.

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