Globeflex Capital L P Makes New Investment in Progress Software Corporation $PRGS

Globeflex Capital L P bought a new stake in Progress Software Corporation (NASDAQ:PRGS) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 12,655 shares of the software maker’s stock, valued at approximately $425,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new stake in shares of Progress Software during the 1st quarter worth approximately $26,000. Parallel Advisors LLC boosted its position 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 in the last quarter. Hantz Financial Services Inc. increased its stake in Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after acquiring an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in Progress Software in the fourth quarter valued at approximately $42,000. Finally, Advisors Asset Management Inc. raised its position in Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares in the last quarter.

Progress Software Trading Down 0.3%

PRGS opened at $43.28 on Wednesday. The company has a debt-to-equity ratio of 2.55, a current ratio of 0.81 and a quick ratio of 0.81. Progress Software Corporation has a fifty-two week low of $23.82 and a fifty-two week high of $47.37. The company’s 50 day moving average price is $38.74 and its two-hundred day moving average price is $34.55. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.82 and a beta of 0.81.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.16. The firm had revenue of $253.47 million during the quarter, compared to the consensus estimate of $242.74 million. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm 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. As a group, research analysts predict that Progress Software Corporation will post 4.77 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Sundar Subramanian sold 10,597 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $703,019.90. This represents a 36.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Oppenheimer cut their target price on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, July 1st. Weiss Ratings raised Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Wednesday, July 1st. Finally, DA Davidson upped their price objective on 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 assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average 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.