Sanctuary Advisors LLC Takes $1.67 Million Position in Progress Software Corporation $PRGS

Sanctuary Advisors LLC purchased a new position in shares of Progress Software Corporation (NASDAQ:PRGS) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 49,767 shares of the software maker’s stock, valued at approximately $1,671,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. acquired a new position in Progress Software during the first quarter worth $26,000. Parallel Advisors LLC grew its holdings in Progress Software by 142.0% in the first quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker’s stock valued at $29,000 after purchasing an additional 653 shares during the last quarter. Hantz Financial Services Inc. grew 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 purchasing an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Progress Software in the fourth quarter valued at $42,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after buying an additional 604 shares during the last quarter.

Insider Activity

In other Progress Software news, EVP Sundar Subramanian sold 10,597 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $703,019.90. This trade represents a 36.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Wednesday, July 1st. Oppenheimer cut 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. DA Davidson upped their price target on shares of Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and an average target price of $52.17.

Progress Software Stock Up 0.6%

Shares of NASDAQ:PRGS opened at $43.53 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55. Progress Software Corporation has a 52-week low of $23.82 and a 52-week high of $47.37. The stock’s fifty day simple moving average is $39.01 and its 200-day simple moving average is $34.57. The company has a market capitalization of $1.79 billion, a P/E ratio of 21.13, a P/E/G ratio of 1.82 and a beta of 0.81.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The firm had revenue of $253.47 million during the quarter, compared to analysts’ expectations of $242.74 million. During the same quarter last year, the business posted $1.40 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. 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 research analysts forecast that Progress Software Corporation will post 4.77 earnings per share for the current fiscal year.

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.