Progress Software Corporation (NASDAQ:PRGS) Sees Significant Increase in Short Interest

Progress Software Corporation (NASDAQ:PRGS) was the target of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 4,346,139 shares, a growth of 14.3% from the February 12th total of 3,802,482 shares. Currently, 10.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,421,542 shares, the days-to-cover ratio is currently 3.1 days. Based on an average daily trading volume, of 1,421,542 shares, the days-to-cover ratio is currently 3.1 days. Currently, 10.7% of the shares of the stock are short sold.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total transaction of $240,000.00. Following the completion of the transaction, the chief financial officer directly owned 48,802 shares in the company, valued at approximately $1,952,080. This trade represents a 10.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sundar Subramanian sold 1,600 shares of the business’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 directly owned 15,542 shares of the company’s stock, valued at approximately $594,947.76. This trade represents a 9.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,546 shares of company stock worth $1,171,546 over the last quarter. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the business. Hantz Financial Services Inc. increased 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 worth $32,000 after purchasing an additional 493 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in Progress Software during the second quarter valued at about $41,000. Kemnay Advisory Services Inc. purchased a new stake in Progress Software during the fourth quarter valued at about $42,000. Advisors Asset Management Inc. boosted its holdings in shares of Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after buying an additional 604 shares during the period. Finally, TD Private Client Wealth LLC increased its position in shares of Progress Software by 1,042.5% in the fourth quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker’s stock worth $55,000 after acquiring an additional 1,178 shares in the last quarter.

Progress Software Stock Performance

Shares of PRGS stock opened at $32.06 on Thursday. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.49 and a quick ratio of 0.49. The company’s fifty day moving average price is $39.61 and its two-hundred day moving average price is $41.99. The firm has a market capitalization of $1.35 billion, a P/E ratio of 19.31, a P/E/G ratio of 1.48 and a beta of 0.57. Progress Software has a 12 month low of $31.96 and a 12 month high of $65.50.

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

Analysts Set New Price Targets

A number of research firms recently commented on PRGS. Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. DA Davidson restated a “buy” rating and issued a $70.00 target price on shares of Progress Software in a report on Wednesday, February 4th. Citigroup raised their price target on shares of Progress Software from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Wedbush lowered their price target on shares of Progress Software from $75.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, January 22nd. Finally, 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 research report on Monday, January 5th. Four analysts have rated the stock with a Buy rating, one has issued 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 price target of $64.60.

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.