Principal Financial Group Inc. Sells 105,194 Shares of Progress Software Corporation $PRGS

Principal Financial Group Inc. lowered its position in shares of Progress Software Corporation (NASDAQ:PRGS) by 33.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 205,911 shares of the software maker’s stock after selling 105,194 shares during the quarter. Principal Financial Group Inc. owned 0.49% of Progress Software worth $5,282,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Hantz Financial Services Inc. raised its position in shares of Progress Software by 194.1% during the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after purchasing an additional 493 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in Progress Software in the 4th quarter worth $42,000. Advisors Asset Management Inc. raised its holdings 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 acquiring an additional 604 shares during the period. TD Private Client Wealth LLC raised its holdings in Progress Software by 1,042.5% during the fourth quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker’s stock valued at $55,000 after acquiring an additional 1,178 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Progress Software by 192.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker’s stock valued at $57,000 after acquiring an additional 877 shares in the last quarter.

Insiders Place Their Bets

In other news, EVP Sundar Subramanian sold 10,597 shares of the company’s 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PRGS has been the subject of several research analyst reports. Jefferies Financial Group cut their target price on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Wedbush reduced their price target on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Citigroup decreased their price target on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, April 1st. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Wednesday, July 1st. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Progress Software in a research report on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.50.

Progress Software Trading Up 4.4%

Shares of PRGS stock opened at $40.37 on Wednesday. The company has a market cap of $1.66 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. Progress Software Corporation has a 1 year low of $23.82 and a 1 year high of $49.99. The stock’s 50 day simple moving average is $34.10 and its two-hundred day simple moving average is $34.35. 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 (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.16. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The business had revenue of $253.47 million for the quarter, compared to analysts’ expectations of $242.74 million. During the same quarter in the previous year, the business posted $1.40 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. 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 predict that Progress Software Corporation will post 4.77 earnings per share for the current year.

Progress Software Company 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.