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

Progress Software (NASDAQ:PRGS) had its price target cut by Wedbush from $65.00 to $45.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other equities research analysts also recently issued research reports about the company. DA Davidson dropped their target price on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. Oppenheimer dropped their price objective on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday. Jefferies Financial Group cut their price objective on shares of Progress Software from $50.00 to $45.00 and set a “hold” rating for the company in a report on Monday, January 5th. Finally, Citigroup increased their target price on shares of Progress Software from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Progress Software has an average rating of “Moderate Buy” and an average target price of $54.83.

Progress Software Price Performance

Progress Software stock opened at $25.65 on Tuesday. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 1.24 and a beta of 0.57. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 2.18. Progress Software has a 12 month low of $24.72 and a 12 month high of $65.50. The stock’s 50 day moving average is $37.41 and its 200-day moving average is $41.05.

Progress Software (NASDAQ:PRGS) last released its quarterly 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. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $246.40 million. Progress Software had a return on equity of 44.35% and a net margin of 8.61%.The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm posted $1.31 EPS. Equities research analysts expect that Progress Software will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 6,000 shares of the stock in a transaction on Tuesday, February 3rd. The stock was 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 of the company’s stock, valued at approximately $1,952,080. This represents a 10.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sundar Subramanian sold 1,600 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total value of $61,248.00. Following the completion of the transaction, the executive vice president owned 15,542 shares in the company, valued at $594,947.76. The trade was a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 30,546 shares of company stock valued at $1,171,546. Corporate insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC lifted its holdings in shares of Progress Software by 19.8% during the 4th quarter. Hsbc Holdings PLC now owns 30,893 shares of the software maker’s stock worth $1,327,000 after acquiring an additional 5,096 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of Progress Software by 192.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker’s stock worth $57,000 after acquiring an additional 877 shares in the last quarter. MidFirst Bank bought a new position in Progress Software in the fourth quarter valued at approximately $601,000. Mercer Global Advisors Inc. ADV increased its stake in Progress Software by 61.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,736 shares of the software maker’s stock valued at $375,000 after acquiring an additional 3,325 shares during the last quarter. Finally, State of Tennessee Department of Treasury raised its position in Progress Software by 19.8% during the fourth quarter. State of Tennessee Department of Treasury now owns 12,768 shares of the software maker’s stock valued at $522,000 after purchasing an additional 2,110 shares in the last quarter.

Key Progress Software News

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

• Positive Sentiment: Q1 results beat and outlook lifted — Progress reported fiscal Q1 revenue of about $248M and EPS of $1.60 (vs. consensus ~ $1.57), with management raising full‑year earnings guidance on strong demand for AI‑enabled products. This initially supported upside in the shares. PRGS’ Q1 Earnings Surpass Estimates
• Positive Sentiment: Product/AI roadmap support — Progress launched Sitefinity Generative CMS to deliver AI search, personalization and conversational experiences, reinforcing the company’s AI product positioning that management cited on the call. Sitefinity Generative CMS Release
• Neutral Sentiment: Market reaction was mixed intraday — several outlets reported an initial post‑earnings pop and conference‑call takeaways showing improved operating cash flow and margin trends, but that momentum proved short‑lived. Earnings Call Highlights
• Neutral Sentiment: Fundamentals and balance sheet considerations — investors may note low liquidity ratios (current/quick ~0.49) and elevated debt/equity; these magnify sensitivity to sentiment shifts even when quarterly results are solid. No single article
• Negative Sentiment: Analyst downgrades and price‑target cuts pressured the stock — multiple firms trimmed targets and adjusted forecasts after the print, with some lowering ratings (Jefferies cut its target and set a “hold”). Those calls appear to have driven sizeable sell pressure despite the beat. Analysts Cut Forecasts After Q1
• Negative Sentiment: Notable individual cuts — Jefferies lowered its target to $34 and moved to “hold”; Wedbush and Oppenheimer also trimmed targets (to $45 and $57 respectively), which likely amplified selling given the prior higher targets. Benzinga coverage of price targets

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.