Heron Bay Capital Management Makes New $34.01 Million Investment in Progress Software Corporation $PRGS

Heron Bay Capital Management purchased a new stake in Progress Software Corporation (NASDAQ:PRGS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 1,012,832 shares of the software maker’s stock, valued at approximately $34,011,000. Progress Software accounts for approximately 3.1% of Heron Bay Capital Management’s holdings, making the stock its 12th largest position. Heron Bay Capital Management owned 2.47% of Progress Software as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hantz Financial Services Inc. lifted its holdings in Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after acquiring an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Progress Software during the fourth quarter worth $42,000. Osaic Holdings Inc. raised its position in Progress Software by 183.0% in the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after purchasing an additional 637 shares during the period. Geneos Wealth Management Inc. purchased a new stake in Progress Software in the first quarter valued at $26,000. Finally, Advisors Asset Management Inc. lifted its stake in shares of Progress Software by 135.1% in the 1st 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 during the last quarter.

Progress Software Stock Up 2.7%

Shares of NASDAQ PRGS opened at $44.36 on Friday. The stock has a market cap of $1.82 billion, a P/E ratio of 21.53, a PEG ratio of 1.81 and a beta of 0.81. The business’s fifty day simple moving average is $38.26 and its 200-day simple moving average is $34.56. Progress Software Corporation has a 12-month low of $23.82 and a 12-month high of $47.37. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 2.55.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping the consensus estimate of $1.46 by $0.16. The firm had revenue of $253.47 million during the quarter, compared to analysts’ expectations of $242.74 million. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.Progress Software’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous 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. As a group, equities analysts predict that Progress Software Corporation will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of the company’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 transaction of $405,547.19. Following the sale, the executive vice president directly owned 18,370 shares in the company, valued at approximately $703,019.90. This represents a 36.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRGS. Weiss Ratings upgraded Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Wednesday, July 1st. Oppenheimer lowered 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 note on Wednesday, July 1st. Finally, DA Davidson lifted their price target on shares of Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.17.

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.