Chesley Taft & Associates LLC Takes $227,000 Position in Progress Software Corporation $PRGS

Chesley Taft & Associates LLC purchased a new stake in Progress Software Corporation (NASDAQ:PRGS) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,552 shares of the software maker’s stock, valued at approximately $227,000.

Several other large investors also recently made changes to their positions in PRGS. Orion Capital Management LLC acquired a new position in Progress Software in the 4th quarter worth approximately $33,000. Advisors Asset Management Inc. lifted its holdings in shares of Progress Software by 135.1% in 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. Nisa Investment Advisors LLC boosted its position in shares of Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock worth $84,000 after buying an additional 326 shares during the period. Parisi Gray Wealth Management acquired a new stake in shares of Progress Software in the second quarter worth $204,000. Finally, Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new position in shares of Progress Software during the first quarter valued at $206,000.

Progress Software Stock Up 3.7%

Shares of NASDAQ:PRGS opened at $43.45 on Friday. The company’s fifty day moving average is $45.79 and its 200-day moving average is $54.28. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. Progress Software Corporation has a 52 week low of $41.25 and a 52 week high of $70.56. The company has a market capitalization of $1.87 billion, a PE ratio of 33.17, a P/E/G ratio of 1.98 and a beta of 0.68.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The company had revenue of $237.36 million during the quarter, compared to analysts’ expectations of $237.23 million. Progress Software’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 earnings per share. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Equities research analysts predict that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PRGS has been the subject of several research reports. Wall Street Zen cut shares of Progress Software from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Citigroup decreased their target price on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th. Guggenheim restated a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Wedbush reiterated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a research report on Friday, June 27th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $73.33.

Insider Activity at Progress Software

In other Progress Software news, Director Rainer Gawlick bought 1,710 shares of Progress Software stock in a transaction dated Tuesday, August 12th. The shares were bought at an average price of $43.48 per share, with a total value of $74,350.80. Following the purchase, the director owned 55,544 shares of the company’s stock, valued at $2,415,053.12. This trade represents a 3.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 5,529 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the sale, the chief financial officer directly owned 43,559 shares of the company’s stock, valued at approximately $2,307,320.23. The trade was a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Progress Software Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.