DA Davidson Forecasts Strong Price Appreciation for Progress Software (NASDAQ:PRGS) Stock

Progress Software (NASDAQ:PRGS) had its price objective upped by investment analysts at DA Davidson from $70.00 to $75.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. DA Davidson’s price target suggests a potential upside of 39.15% from the company’s previous close. DA Davidson also issued estimates for Progress Software’s Q3 2025 earnings at $1.01 EPS.

PRGS has been the topic of a number of other reports. Wedbush reaffirmed an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup reaffirmed a “neutral” rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.17.

Progress Software Stock Down 2.9%

Shares of Progress Software stock opened at $53.90 on Tuesday. The company has a current ratio of 0.43, a quick ratio of 0.79 and a debt-to-equity ratio of 2.43. The company’s fifty day simple moving average is $61.88 and its two-hundred day simple moving average is $59.66. The company has a market cap of $2.32 billion, a P/E ratio of 41.15, a PEG ratio of 2.66 and a beta of 0.68. Progress Software has a 12-month low of $50.68 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data 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. The business had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The company’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 EPS. Research analysts anticipate that Progress Software will post 4.01 EPS for the current year.

Insiders Place Their Bets

In related news, insider Ian Pitt sold 703 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider directly owned 8,317 shares of the company’s stock, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its stake in shares of Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Progress Software by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 491,800 shares of the software maker’s stock worth $32,041,000 after purchasing an additional 12,855 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Progress Software by 34.8% during the 4th quarter. Victory Capital Management Inc. now owns 150,439 shares of the software maker’s stock valued at $9,801,000 after purchasing an additional 38,799 shares during the period. Assetmark Inc. grew its stake in shares of Progress Software by 6.6% during the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after purchasing an additional 204 shares during the period. Finally, Atria Investments Inc increased its position in shares of Progress Software by 34.4% during the 4th quarter. Atria Investments Inc now owns 7,954 shares of the software maker’s stock valued at $518,000 after purchasing an additional 2,034 shares during the last quarter.

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.