DA Davidson Reiterates “Buy” Rating for Progress Software (NASDAQ:PRGS)

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating restated by equities research analysts at DA Davidson in a note issued to investors on Wednesday,Benzinga reports. They currently have a $40.00 target price on the software maker’s stock. DA Davidson’s price objective points to a potential upside of 0.14% from the stock’s previous close.

A number of other research analysts have also weighed in on PRGS. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, April 16th. Oppenheimer lowered their target price on shares of Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Wedbush dropped their price target on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Citigroup cut their price target on Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Finally, Jefferies Financial Group decreased their price objective on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.67.

Progress Software Stock Up 18.9%

NASDAQ:PRGS traded up $6.36 on Wednesday, hitting $39.94. The stock had a trading volume of 2,061,527 shares, compared to its average volume of 988,452. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software has a 52 week low of $23.82 and a 52 week high of $56.58. The business’s fifty day moving average is $29.97 and its 200 day moving average is $34.96. The company has a market cap of $1.68 billion, a PE ratio of 20.41, a P/E/G ratio of 1.45 and a beta of 0.83.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating the consensus estimate of $1.45 by $0.17. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The firm had revenue of $253.47 million during the quarter, compared to the consensus estimate of $242.74 million. During the same quarter in the previous year, the company posted $1.40 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. 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 expect that Progress Software will post 4.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Progress Software

Several institutional investors and hedge funds have recently bought and sold shares of PRGS. ProShare Advisors LLC increased its position in Progress Software by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock worth $358,000 after buying an additional 258 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of Progress Software by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock worth $2,531,000 after acquiring an additional 333 shares during the period. Susquehanna Fundamental Investments LLC grew its stake in shares of Progress Software by 0.9% during the 4th quarter. Susquehanna Fundamental Investments LLC now owns 48,522 shares of the software maker’s stock worth $2,085,000 after acquiring an additional 450 shares during the period. Hantz Financial Services Inc. increased its holdings in Progress Software by 194.1% in the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock worth $32,000 after acquiring an additional 493 shares during the last quarter. Finally, Advisory Research Inc. raised its stake in Progress Software by 3.8% in the 3rd quarter. Advisory Research Inc. now owns 15,209 shares of the software maker’s stock valued at $668,000 after acquiring an additional 562 shares during the period.

Key Progress Software News

Here are the key news stories impacting Progress Software this week:

• Positive Sentiment: Progress Software beat Wall Street expectations for Q2, reporting EPS of $1.62 versus estimates around $1.45 and revenue of $253.5 million versus $242.7 million expected, with sales up 6.8% year over year. Progress Software earnings report
• Positive Sentiment: The company also lifted guidance, forecasting FY2026 EPS of $6.09-$6.21 and Q3 EPS of $1.53-$1.59, both above consensus, which suggests management sees continued momentum ahead. Progress Software financial results
• Positive Sentiment: Management highlighted AI demand as a tailwind for its data, workflow, and infrastructure platforms, and also launched Progress Chef Enterprise Management for NVIDIA DGX Spark, reinforcing the company’s AI-related product strategy. Progress Software AI product launch
• Positive Sentiment: Analyst sentiment also improved, with Guggenheim reaffirming a buy rating and setting an $83 price target, while Oppenheimer kept an outperform rating despite trimming its target to $50. Analyst note on Progress Software
• Neutral Sentiment: Commentary around the earnings release noted the stock’s valuation remains relatively low versus broader software peers, which may support the longer-term bull case but is less of a direct near-term catalyst.

About Progress Software

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.