MidFirst Bank Purchases New Stake in Progress Software Corporation $PRGS

MidFirst Bank acquired a new stake in shares of Progress Software Corporation (NASDAQ:PRGS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,000 shares of the software maker’s stock, valued at approximately $470,000.

Other hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new stake in shares of Progress Software in the 1st quarter worth about $26,000. Parallel Advisors LLC raised its stake in shares of Progress Software by 142.0% in the 1st quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker’s stock valued at $29,000 after purchasing an additional 653 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock worth $32,000 after purchasing an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in Progress Software in the fourth quarter worth about $42,000. Finally, Advisors Asset Management Inc. grew its stake in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares in the last quarter.

Insider Buying and Selling at Progress Software

In other news, EVP Sundar Subramanian sold 10,597 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total transaction of $405,547.19. Following the sale, the executive vice president directly owned 18,370 shares in the company, valued at approximately $703,019.90. This represents a 36.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company’s stock.

Progress Software Trading Down 2.0%

NASDAQ PRGS opened at $42.86 on Tuesday. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Corporation has a one year low of $23.82 and a one year high of $47.37. The company has a 50-day simple moving average of $37.29 and a 200-day simple moving average of $34.43. The firm has a market capitalization of $1.76 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.84 and a beta of 0.80.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data 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 net margin of 8.87% and a return on equity of 43.07%. The firm had revenue of $253.47 million for the quarter, compared to analyst estimates of $242.74 million. During the same quarter in the prior 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, equities analysts forecast that Progress Software Corporation will post 4.77 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on PRGS. Oppenheimer lowered their price objective on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, July 1st. Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Wednesday, July 1st. Weiss Ratings upgraded Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Finally, DA Davidson boosted their price target on Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target 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.