Burney Co. Makes New $407,000 Investment in Progress Software Corporation $PRGS

Burney Co. bought a new position in Progress Software Corporation (NASDAQ:PRGS) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 15,876 shares of the software maker’s stock, valued at approximately $407,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Hillsdale Investment Management Inc. raised its stake in shares of Progress Software by 37.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 124,750 shares of the software maker’s stock valued at $5,359,000 after purchasing an additional 33,800 shares during the period. Dana Investment Advisors Inc. bought a new position in Progress Software in the 4th quarter worth about $6,011,000. M&T Bank Corp bought a new position in Progress Software in the 4th quarter worth about $3,626,000. LSV Asset Management grew its holdings in Progress Software by 171.2% during the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after buying an additional 619,800 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Progress Software during the 4th quarter valued at about $1,470,000.

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 10,597 shares of the firm’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 value 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is owned by corporate insiders.

Progress Software Price Performance

Progress Software stock opened at $37.86 on Friday. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.62 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.55. The business has a 50-day simple moving average of $31.56 and a 200 day simple moving average of $34.73. Progress Software Corporation has a 52 week low of $23.82 and a 52 week high of $51.28.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.16. The firm had revenue of $253.47 million for 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%.The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last 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. On average, research analysts forecast that Progress Software Corporation will post 4.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wedbush lowered their price target on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Citigroup cut their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Oppenheimer reduced their price objective 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. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Finally, DA Davidson reiterated a “buy” rating and issued a $40.00 target price on shares of Progress Software in a research note on Wednesday, July 1st. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average price target of $49.67.

Progress Software 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.