Allspring Global Investments Holdings LLC Lowers Stock Holdings in Progress Software Corporation $PRGS

Allspring Global Investments Holdings LLC reduced its position in Progress Software Corporation (NASDAQ:PRGS) by 70.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 287,901 shares of the software maker’s stock after selling 700,671 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Progress Software were worth $7,223,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its position in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares in the last quarter. AQR Capital Management LLC grew its position in Progress Software by 16.9% during the 1st quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock worth $2,194,000 after acquiring an additional 6,147 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Progress Software by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock worth $1,321,000 after purchasing an additional 1,454 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after buying an additional 241,515 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of Progress Software by 206.8% in the first quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock worth $5,734,000 after buying an additional 75,044 shares during the period.

Progress Software Stock Performance

NASDAQ:PRGS opened at $36.92 on Friday. 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 firm’s fifty day simple moving average is $33.48 and its 200 day simple moving average is $34.41. The stock has a market cap of $1.51 billion, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 1.59 and a beta of 0.82. Progress Software Corporation has a twelve month low of $23.82 and a twelve month high of $51.28.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, topping the consensus estimate of $1.46 by $0.16. Progress Software had a net margin of 8.87% and a return on equity of 43.07%. The business had revenue of $253.47 million during the quarter, compared to analyst estimates of $242.74 million. During the same period in the prior year, the business earned $1.40 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. 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, research analysts predict that Progress Software Corporation will post 4.77 EPS for the current year.

Insider Activity

In related news, EVP Sundar Subramanian sold 10,597 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $38.27, for a total value of $405,547.19. Following the completion of the transaction, the executive vice president directly owned 18,370 shares of the company’s stock, valued at $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 available at 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 have weighed in on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Progress Software in a research report on Tuesday, July 14th. Oppenheimer lowered 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. Jefferies Financial Group dropped their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Wedbush cut their target price on Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 31st. Finally, DA Davidson boosted their price target on Progress Software from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.50.

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.