The Manufacturers Life Insurance Company Makes New Investment in Progress Software Corporation $PRGS

The Manufacturers Life Insurance Company bought a new position in shares of Progress Software Corporation (NASDAQ:PRGS) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 1,214,414 shares of the software maker’s stock, valued at approximately $40,780,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRGS. Hantz Financial Services Inc. grew its stake in Progress Software by 194.1% in the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after acquiring an additional 493 shares during the period. Kemnay Advisory Services Inc. purchased a new position in Progress Software during the fourth quarter valued at $42,000. Osaic Holdings Inc. lifted its holdings in Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after purchasing an additional 637 shares in the last quarter. Geneos Wealth Management Inc. acquired a new stake in shares of Progress Software in the first quarter valued at about $26,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PRGS shares. DA Davidson upped their price target on shares of Progress Software from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Guggenheim reiterated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Wednesday, July 1st. Weiss Ratings raised Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, Oppenheimer decreased their target price on Progress Software from $57.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average price target of $52.17.

Insider Buying and Selling at Progress Software

In related news, EVP Sundar Subramanian sold 10,597 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $38.27, for a total value of $405,547.19. Following the sale, the executive vice president owned 18,370 shares in the company, valued at approximately $703,019.90. The trade was a 36.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.10% of the stock is currently owned by corporate insiders.

Progress Software Stock Performance

Shares of Progress Software stock opened at $43.53 on Thursday. The business’s 50 day moving average price is $39.01 and its 200 day moving average price is $34.57. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 1.82 and a beta of 0.81. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software Corporation has a one year low of $23.82 and a one year high of $47.37.

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

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.