Progress Software (PRGS)

• Market cap: $2.85B
• 1 day: 0.70%
• 5 days: -3.11%
• 1 month: -1.09%
• 3 months: 15.26%
• 6 months: 37.72%
• Year to date: 22.27%
• 1 year: 21.00%
• 5 years: 59.95%
• 10 years: 142.79%
• 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

55% more first-time investments, than exits

New positions opened: 51 | Existing positions closed: 33

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: $2.61B [Q2] → $3.25B (+$641M) [Q3]

6% more funds holding

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

1.98% more ownership

Funds ownership: 111.44% [Q2] → 113.42% (+1.98%) [Q3]

6% more repeat investments, than reductions

Existing positions increased: 110 | Existing positions reduced: 104

Research analyst outlook

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

• Low target: $70 5% upside
• Avg. target: $73 10% upside
• High target: $80 21% upside

3 analyst ratings

• positive: 3 100%
• neutral: 0 0%
• negative: 0 0%

Oppenheimer Ittai Kidron 68% 1-year accuracy 32 / 47 met price target	21% upside $80	Outperform Maintained	22 Oct 2024
Guggenheim Raymond McDonough 75% 1-year accuracy 6 / 8 met price target	5% upside $70	Buy Maintained	25 Sept 2024
DA Davidson Lucky Schreiner 100% 1-year accuracy 5 / 5 met price target	5% upside $70	Buy Maintained	25 Sept 2024