Gabelli Funds LLC Sells 5,669,400 Shares of Progress Software Corporation $PRGS

Gabelli Funds LLC lowered its holdings in Progress Software Corporation (NASDAQ:PRGS) by 99.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,000 shares of the software maker’s stock after selling 5,669,400 shares during the period. Gabelli Funds LLC owned about 0.05% of Progress Software worth $564,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Hantz Financial Services Inc. increased 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 last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Progress Software in the 4th quarter worth about $42,000. Osaic Holdings Inc. boosted its holdings in shares of Progress Software by 183.0% in the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after buying an additional 637 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in Progress Software during the first quarter valued at about $26,000. Finally, Advisors Asset Management Inc. grew 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 buying an additional 604 shares during the period.

Progress Software Stock Down 5.5%

Shares of NASDAQ PRGS opened at $40.34 on Friday. The company has a debt-to-equity ratio of 2.55, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $1.65 billion, a PE ratio of 19.58, a P/E/G ratio of 1.79 and a beta of 0.82. Progress Software Corporation has a one year low of $23.82 and a one year high of $49.27. The business’s fifty day moving average price is $34.60 and its 200-day moving average price is $34.34.

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

Insider Buying and Selling at Progress Software

In other news, EVP Sundar Subramanian sold 10,597 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the sale, the executive vice president owned 18,370 shares of the company’s stock, valued at $703,019.90. The trade was a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on PRGS shares. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. Weiss Ratings reissued a “sell (d+)” rating on shares of Progress Software in a research report on Tuesday, July 14th. Oppenheimer reduced their target price on shares of Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday, July 1st. Finally, DA Davidson raised their price target on shares of Progress Software from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.50.

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.