Progress Software (NASDAQ:PRGS) Reaches New 1-Year Low – What’s Next?

Progress Software Corporation (NASDAQ:PRGS) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $42.78 and last traded at $42.79, with a volume of 92961 shares trading hands. The stock had previously closed at $43.20.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PRGS. Citigroup dropped their price target on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research report on Tuesday, July 15th. Jefferies Financial Group reiterated a “hold” rating on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Wedbush reissued an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Finally, Guggenheim reissued a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and a consensus price target of $73.33.

Progress Software Price Performance

The business’s 50-day simple moving average is $47.48 and its two-hundred day simple moving average is $54.99. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The stock has a market cap of $1.85 billion, a P/E ratio of 32.87, a price-to-earnings-growth ratio of 2.06 and a beta of 0.68.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.10. The business had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. Progress Software’s revenue for the quarter was up 35.6% on a year-over-year basis. During the same period in the previous year, the business 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. Sell-side analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 5,529 shares of the company’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the sale, the chief financial officer owned 43,559 shares of the company’s stock, valued at $2,307,320.23. This represents a 11.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rainer Gawlick acquired 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, for a total transaction of $74,350.80. Following the transaction, the director owned 55,544 shares of the company’s stock, valued at approximately $2,415,053.12. The trade was a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently modified their holdings of PRGS. Osaic Holdings Inc. boosted its position in 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 purchasing an additional 637 shares in the last quarter. Squarepoint Ops LLC increased its stake in shares of Progress Software by 7.3% in the 2nd quarter. Squarepoint Ops LLC now owns 74,283 shares of the software maker’s stock worth $4,742,000 after acquiring an additional 5,078 shares during the last quarter. TT Capital Management LLC acquired a new stake in shares of Progress Software in the 2nd quarter worth $211,000. State of Wyoming purchased a new position in shares of Progress Software during the 2nd quarter worth $137,000. Finally, Caxton Associates LLP purchased a new position in shares of Progress Software during the 2nd quarter worth $311,000.

Progress Software Company 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.