Progress Software (PRGS)

• Market cap: $2.73B
• 1 day: 0.92%
• 5 days: 2.04%
• 1 month: -2.71%
• 3 months: -2.84%
• 6 months: 13.39%
• Year to date: -1.84%
• 1 year: 7.12%
• 5 years: 34.69%
• 10 years: 150.28%
• Sector: Information Technology
• Industry: Prepackaged Software

About: Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries. Its product includes OpenEdge; Chef; Developer Tools; Kemp LoadMaster; MOVEit; DataDirect; WhatsUp Gold; Sitefinity; Flowmon and Corticon. The company derives revenue from perpetual licenses to its products, but some products also use term licensing models. Its cloud-based offerings use a subscription-based model. A majority of the firm's revenue is generated in the United States and it also has presence in Canada, the Middle East, and Africa (EMEA), Latin America, and Asia Pacific.

Employees: 2,284

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

214% more call options, than puts

Call options by funds: $17.1M | Put options by funds: $5.45M

76% more first-time investments, than exits

New positions opened: 51 | Existing positions closed: 29

50% more funds holding in top 10

Funds holding in top 10: 2 [Q2] → 3 (+1) [Q3]

25% more capital invested

Capital invested by funds: $2.64B [Q2] → $3.29B (+$650M) [Q3]

6% more funds holding

Funds holding: 302 [Q2] → 320 (+18) [Q3]

2.09% more ownership

Funds ownership: 112.53% [Q2] → 114.63% (+2.09%) [Q3]

6% more repeat investments, than reductions

Existing positions increased: 110 | Existing positions reduced: 104

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $68 7% upside
• Avg. target: $75 18% upside
• High target: $83 31% upside

4 analyst ratings

• positive: 2 50%
• neutral: 2 50%
• negative: 0 0%

Citigroup Fatima Boolani 63% 1-year accuracy 19 / 30 met price target	7% upside $68	Neutral Maintained	17 Jan 2025
Guggenheim John Difucci 48% 1-year accuracy 15 / 31 met price target	31% upside $83	Buy Reiterated	17 Jan 2025
Jefferies Brent Thill 65% 1-year accuracy 36 / 55 met price target	10% upside $70	Hold Maintained	6 Jan 2025
Oppenheimer Ittai Kidron 60% 1-year accuracy 29 / 48 met price target	26% upside $80	Outperform Maintained	22 Oct 2024