Heron Bay Capital Management Has $11.17 Million Stake in Progress Software Corporation $PRGS

Heron Bay Capital Management raised its stake in Progress Software Corporation (NASDAQ:PRGS) by 117.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 254,311 shares of the software maker’s stock after purchasing an additional 137,189 shares during the quarter. Progress Software accounts for about 2.1% of Heron Bay Capital Management’s portfolio, making the stock its 17th biggest position. Heron Bay Capital Management’s holdings in Progress Software were worth $11,172,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Diamond Hill Capital Management Inc. lifted its stake in Progress Software by 145.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock valued at $20,410,000 after acquiring an additional 275,205 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Progress Software by 61.2% in the second quarter. Prudential Financial Inc. now owns 93,916 shares of the software maker’s stock valued at $5,996,000 after purchasing an additional 35,660 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Progress Software by 26.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock valued at $53,302,000 after purchasing an additional 243,950 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Progress Software by 59.0% during the second quarter. Intech Investment Management LLC now owns 44,853 shares of the software maker’s stock worth $2,863,000 after purchasing an additional 16,651 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Progress Software in the 3rd quarter worth about $5,175,000.

Progress Software Trading Up 2.6%

Shares of Progress Software stock opened at $39.71 on Friday. The stock has a market capitalization of $1.67 billion, a P/E ratio of 23.92, a P/E/G ratio of 1.70 and a beta of 0.57. Progress Software Corporation has a 52-week low of $34.57 and a 52-week high of $65.50. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.49 and a current ratio of 0.49. The stock’s 50-day simple moving average is $40.83 and its 200 day simple moving average is $42.65.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, January 20th. The software maker reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.20. The firm had revenue of $253.00 million during the quarter, compared to the consensus estimate of $252.86 million. Progress Software had a net margin of 7.48% and a return on equity of 43.90%. The company’s revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the company earned $1.33 earnings per share. Progress Software has set its FY 2026 guidance at 1.74-1.910 EPS and its Q1 2026 guidance at 1.56-1.62 EPS. As a group, research analysts anticipate that Progress Software Corporation will post 4.01 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on PRGS. Citigroup lifted 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. Wedbush decreased their target price on Progress Software from $75.00 to $65.00 and set an “outperform” rating for the company in a research report on Thursday, January 22nd. Jefferies Financial Group cut their price target on shares of Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Monday, January 5th. DA Davidson restated a “buy” rating and set a $70.00 price objective on shares of Progress Software in a report on Wednesday, February 4th. Finally, Weiss Ratings upgraded shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, February 25th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.60.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 1,352 shares of Progress Software stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $42.37, for a total transaction of $57,284.24. Following the completion of the transaction, the executive vice president owned 29,066 shares of the company’s stock, valued at $1,231,526.42. The trade was a 4.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 6,000 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total transaction of $240,000.00. Following the completion of the sale, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. The trade was a 10.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 3.40% of the company’s stock.

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.