Wedbush Lowers Progress Software (NASDAQ:PRGS) Price Target to $45.00

Progress Software (NASDAQ:PRGS) had its price objective decreased by stock analysts at Wedbush from $65.00 to $45.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Wedbush’s price target indicates a potential upside of 79.35% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Jefferies Financial Group decreased their target price on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday, January 5th. Oppenheimer lowered their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday. DA Davidson dropped their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Citigroup increased their price objective on shares of Progress Software from $54.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Five 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Stock Down 2.2%

Shares of PRGS stock opened at $25.09 on Tuesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.49. Progress Software has a one year low of $23.82 and a one year high of $65.50. The company’s fifty day moving average price is $37.06 and its 200-day moving average price is $40.94. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.11 and a beta of 0.76.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The company had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. During the same quarter in the prior year, the firm posted $1.31 EPS. Progress Software’s quarterly revenue was up 4.1% compared to the same quarter last year. Sell-side analysts expect that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, EVP Sundar Subramanian sold 21,594 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total value of $813,014.10. Following the sale, the executive vice president owned 15,542 shares in the company, valued at approximately $585,156.30. The trade was a 58.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 6,000 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total transaction of $240,000.00. Following the sale, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. The trade was a 10.95% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,546 shares of company stock valued at $1,171,546. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Institutional investors and hedge funds have recently made changes to their positions in the business. LSV Asset Management raised its position in Progress Software by 171.2% in the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after purchasing an additional 619,800 shares during the period. Qube Research & Technologies Ltd purchased a new position in shares of Progress Software during the third quarter valued at approximately $16,324,000. Marshall Wace LLP grew its stake in shares of Progress Software by 732.6% during the third quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock valued at $15,700,000 after buying an additional 314,459 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Progress Software by 145.3% during the third quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock valued at $20,410,000 after buying an additional 275,205 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock worth $53,302,000 after buying an additional 243,950 shares during the period.

Progress Software News Summary

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

• Positive Sentiment: Q1 results beat expectations: Progress reported stronger‑than‑expected EPS and revenue, lifted its full‑year outlook and cited robust demand for AI‑driven products — this underpinned an initial post‑quarter rally. PRGS’ Q1 Earnings Surpass Estimates
• Positive Sentiment: Product momentum: Progress launched Sitefinity Generative CMS to add AI search, personalization and conversational features — a strategic product update that supports medium/longer‑term growth expectations for AI‑driven revenue. Sitefinity Generative CMS Release
• Neutral Sentiment: Technicals and analyst revisions could flip direction: some outlets note PRGS is technically oversold after a sharp pullback, which could prompt a reversal if upward earnings revisions continue. This is speculative and depends on follow‑through buying. After Plunging 34% in 4 Weeks — Trend Might Reverse
• Negative Sentiment: Analysts are cutting price targets and forecasts despite keeping many positive ratings — multiple firms trimmed targets after Q1 (Citigroup, Jefferies, Wedbush, Oppenheimer), and some research notes downward revisions to near‑term forecasts; those actions increase near‑term downside risk and add selling pressure. Analysts Cut Forecasts After Q1

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.