Diamond Hill Capital Management Inc. Has $20.41 Million Holdings in Progress Software Corporation $PRGS

Diamond Hill Capital Management Inc. increased its position in Progress Software Corporation (NASDAQ:PRGS) by 145.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 464,598 shares of the software maker’s stock after purchasing an additional 275,205 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 1.08% of Progress Software worth $20,410,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PRGS. Prudential Financial Inc. lifted its position in shares of Progress Software by 61.2% during the 2nd quarter. Prudential Financial Inc. now owns 93,916 shares of the software maker’s stock valued at $5,996,000 after acquiring an additional 35,660 shares during the period. Allspring Global Investments Holdings LLC lifted its position in 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 worth $53,302,000 after purchasing an additional 243,950 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in Progress Software during the second quarter worth about $411,000. Intech Investment Management LLC raised its position in shares of Progress Software by 59.0% in the 2nd quarter. Intech Investment Management LLC now owns 44,853 shares of the software maker’s stock valued at $2,863,000 after buying an additional 16,651 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of Progress Software during the 2nd quarter worth approximately $398,000.

Analysts Set New Price Targets

Several brokerages recently commented on PRGS. Jefferies Financial Group dropped their price objective on shares of Progress Software from $50.00 to $45.00 and set a “hold” rating for the company in a research note on Monday, January 5th. Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday. DA Davidson reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Progress Software in a research note on Wednesday. Citigroup upped their price target on shares of Progress Software from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Finally, Wedbush cut their price target on shares of Progress Software from $75.00 to $65.00 and set an “outperform” rating on the stock in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.60.

Progress Software Stock Up 3.8%

Shares of NASDAQ:PRGS opened at $42.99 on Friday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.49 and a current ratio of 0.49. Progress Software Corporation has a 52-week low of $38.54 and a 52-week high of $65.50. The business’s 50 day simple moving average is $42.43 and its two-hundred day simple moving average is $43.59. The firm has a market cap of $1.81 billion, a P/E ratio of 25.90, a PEG ratio of 1.89 and a beta of 0.59.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, January 20th. The software maker reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.20. Progress Software had a net margin of 7.48% and a return on equity of 43.90%. The business had revenue of $253.00 million during the quarter, compared to the consensus estimate of $252.86 million. During the same quarter last year, the firm posted $1.33 EPS. Progress Software’s revenue was up 17.5% compared to the same quarter last year. 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 forecast that Progress Software Corporation will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 6,000 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the sale, the chief financial officer owned 48,802 shares in the company, valued at $1,952,080. This represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sundar Subramanian sold 1,352 shares of the business’s 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 transaction, the executive vice president owned 29,066 shares in the company, valued at approximately $1,231,526.42. This trade represents a 4.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.40% of the stock is currently owned by insiders.

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.