Cibc World Market Inc. Takes $431,000 Position in Progress Software Corporation $PRGS

Cibc World Market Inc. purchased a new stake in shares of Progress Software Corporation (NASDAQ:PRGS) in the 2nd quarter, Holdings Channel reports. The fund purchased 12,830 shares of the software maker’s stock, valued at approximately $431,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new stake in Progress Software during the 2nd quarter valued at $1,671,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Progress Software in the 2nd quarter worth $227,000. PEAK6 LLC purchased a new position in shares of Progress Software in the second quarter worth $465,000. Globeflex Capital L P purchased a new position in shares of Progress Software in the second quarter worth $425,000. Finally, Ieq Capital LLC bought a new position in shares of Progress Software during the second quarter valued at $1,826,000.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PRGS. Oppenheimer reduced their price objective on Progress Software from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, July 1st. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Wednesday, July 1st. DA Davidson boosted their price objective on shares of Progress Software from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.17.

Insider Activity

In related news, EVP Sundar Subramanian sold 10,597 shares of the business’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 transaction of $405,547.19. Following the completion of the sale, the executive vice president directly owned 18,370 shares in the company, valued at approximately $703,019.90. The trade was a 36.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.10% of the company’s stock.

Progress Software Stock Down 1.0%

PRGS stock opened at $44.76 on Friday. Progress Software Corporation has a fifty-two week low of $23.82 and a fifty-two week high of $47.37. The business’s 50-day moving average is $39.62 and its two-hundred day moving average is $34.66. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 21.73, a P/E/G ratio of 1.90 and a beta of 0.81.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.16. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The business had revenue of $253.47 million during the quarter, compared to the consensus estimate of $242.74 million. During the same period in the previous year, the company posted $1.40 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. 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, analysts forecast that Progress Software Corporation will post 4.77 earnings per share 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.