Texas Permanent School Fund Corp Buys 17,607 Shares of Progress Software Corporation $PRGS

Texas Permanent School Fund Corp lifted its stake in Progress Software Corporation (NASDAQ:PRGS) by 67.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,781 shares of the software maker’s stock after acquiring an additional 17,607 shares during the period. Texas Permanent School Fund Corp owned 0.10% of Progress Software worth $2,795,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Prudential Financial Inc. boosted its stake in Progress Software by 61.2% during the 2nd quarter. Prudential Financial Inc. now owns 93,916 shares of the software maker’s stock valued at $5,996,000 after purchasing an additional 35,660 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Progress Software during the second quarter worth approximately $411,000. Intech Investment Management LLC lifted its holdings in shares of Progress Software by 59.0% during the second quarter. Intech Investment Management LLC now owns 44,853 shares of the software maker’s stock worth $2,863,000 after buying an additional 16,651 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in shares of Progress Software in the second quarter valued at approximately $398,000. Finally, Mountain Pacific Investment Advisers LLC grew its stake in shares of Progress Software by 66.6% in the second quarter. Mountain Pacific Investment Advisers LLC now owns 227,626 shares of the software maker’s stock worth $14,532,000 after acquiring an additional 91,003 shares during the last quarter.

Progress Software Stock Down 1.0%

Shares of PRGS opened at $42.99 on Friday. The company has a market capitalization of $1.84 billion, a P/E ratio of 39.08, a PEG ratio of 1.89 and a beta of 0.64. Progress Software Corporation has a one year low of $39.00 and a one year high of $67.47. The business’s 50 day simple moving average is $43.21 and its 200-day simple moving average is $47.45. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, September 29th. The software maker reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.20. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The business had revenue of $249.80 million during the quarter, compared to analysts’ expectations of $240.11 million. During the same period in the previous year, the business posted $1.26 earnings per share. The firm’s revenue for the quarter was up 39.8% compared to the same quarter last year. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS and its Q4 2025 guidance at 1.290-1.350 EPS. As a group, sell-side analysts predict that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. DA Davidson restated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, September 30th. Wall Street Zen raised Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Jefferies Financial Group reduced their price objective on Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, September 30th. Citigroup upgraded Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Monday, October 13th. Finally, Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Insiders Place Their Bets

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.26, for a total value of $66,059.28. Following the transaction, the insider directly owned 668 shares in the company, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 5,474 shares of the firm’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the transaction, the chief financial officer owned 42,559 shares in the company, valued at approximately $1,977,716.73. This represents a 11.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,311 shares of company stock worth $339,332 over the last quarter. Corporate insiders own 3.40% of the company’s stock.

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.