Hsbc Holdings PLC Purchases New Position in Progress Software Corporation $PRGS

Hsbc Holdings PLC acquired a new position in Progress Software Corporation (NASDAQ:PRGS) in the 2nd quarter, HoldingsChannel reports. The firm acquired 83,759 shares of the software maker’s stock, valued at approximately $2,853,000.

A number of other large investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in shares of Progress Software by 10.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,233,830 shares of the software maker’s stock valued at $31,659,000 after buying an additional 121,314 shares during the period. Arrowstreet Capital Limited Partnership raised 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. The Manufacturers Life Insurance Company purchased a new stake in Progress Software in the second quarter worth $40,780,000. Geode Capital Management LLC lifted its stake in Progress Software by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock worth $46,468,000 after acquiring an additional 6,095 shares during the period. Finally, Heron Bay Capital Management bought a new stake in Progress Software in the second quarter valued at $34,011,000.

Insider Activity

In related news, EVP Sundar Subramanian sold 10,597 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the completion of the transaction, the executive vice president directly owned 18,370 shares in the company, valued at $703,019.90. This trade represents a 36.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PRGS. Oppenheimer reduced their price objective on shares of Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Weiss Ratings raised shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. DA Davidson boosted their price target on shares of Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Wednesday, July 1st. Five 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 company has an average rating of “Moderate Buy” and a consensus price target of $52.17.

Progress Software Trading Down 1.0%

NASDAQ PRGS opened at $44.76 on Friday. The firm has a market capitalization of $1.84 billion, a PE ratio of 21.73, a P/E/G ratio of 1.88 and a beta of 0.81. The stock’s 50 day moving average is $39.62 and its 200 day moving average is $34.66. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $47.37. 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 posted its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.16. The business had revenue of $253.47 million during the quarter, compared to the consensus estimate of $242.74 million. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.40 earnings per share. 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. Research analysts forecast that Progress Software Corporation will post 4.77 earnings per share for the current fiscal year.

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.