Progress Software (NASDAQ:PRGS) Issues Q3 2026 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its third quarter 2026 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.530-1.590 for the period, compared to the consensus EPS estimate of 1.390. The company issued revenue guidance of $244.0 million-$250.0 million, compared to the consensus revenue estimate of $249.9 million. Progress Software also updated its FY 2026 guidance to 6.090-6.210 EPS.

Progress Software Stock Up 16.6%

PRGS stock opened at $39.16 on Thursday. The firm has a market cap of $1.65 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.43 and a beta of 0.82. The business has a 50 day moving average of $30.13 and a 200 day moving average of $34.92. Progress Software has a twelve month low of $23.82 and a twelve month high of $56.58. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping the consensus estimate of $1.45 by $0.17. The company 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 43.54% and a net margin of 8.87%.Progress Software’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the company earned $1.40 EPS. 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, research analysts forecast that Progress Software will post 4.68 EPS for the current fiscal year.

Analyst Ratings Changes

PRGS has been the topic of several recent analyst reports. Oppenheimer decreased their target price on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Citigroup cut their target price on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. DA Davidson restated a “buy” rating and set a $40.00 price target on shares of Progress Software in a report on Wednesday. Jefferies Financial Group cut their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Finally, Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.67.

Progress Software News Summary

Here are the key news stories impacting Progress Software this week:

• Positive Sentiment: Progress Software beat Q2 expectations with EPS of $1.62 versus estimates around $1.45-$1.49, and revenue of $253.5 million versus about $242.7 million expected, which points to stronger-than-expected demand. Progress Software earnings report
• Positive Sentiment: The company raised full-year FY2026 EPS guidance to $6.09-$6.21, above prior Street expectations, and also issued Q3 guidance that topped consensus, reinforcing confidence in the outlook. Progress Software Q2 results release
• Positive Sentiment: Management and analysts highlighted broad-based strength, including AI-related demand for Progress’ data, workflow and infrastructure platforms, which supports the investment case for future growth. Zacks earnings call highlights
• Positive Sentiment: Brokerage commentary was also supportive: Oppenheimer called the quarter “solid,” while DA Davidson and Guggenheim reaffirmed buy ratings, even as some price targets were adjusted. Oppenheimer on PRGS Q2

Institutional Trading of Progress Software

Several large investors have recently made changes to their positions in the company. Intech Investment Management LLC grew its holdings in shares of Progress Software by 45.0% in the first quarter. Intech Investment Management LLC now owns 28,202 shares of the software maker’s stock valued at $1,453,000 after purchasing an additional 8,756 shares in the last quarter. Gotham Asset Management LLC boosted its stake in Progress Software by 525.3% in the third quarter. Gotham Asset Management LLC now owns 32,692 shares of the software maker’s stock valued at $1,436,000 after acquiring an additional 27,464 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Progress Software by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock worth $1,321,000 after buying an additional 1,454 shares during the period. XTX Topco Ltd increased its stake in Progress Software by 71.2% in the fourth quarter. XTX Topco Ltd now owns 16,264 shares of the software maker’s stock valued at $699,000 after purchasing an additional 6,762 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in shares of Progress Software by 532.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,663 shares of the software maker’s stock valued at $489,000 after purchasing an additional 6,452 shares during the last quarter.

About Progress Software

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.