Progress Software Corporation develops business applications. The company operates through three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; MOVEit that provides secure collaboration and automated file transfers of critical business information; and WhatsUp Gold, a network monitoring solution. The Data Connectivity and Integration segment provides Progress DataDirect Connect, which offers data connectivity using industry-standard interfaces to connect applications running on various platforms; and Progress DataDirect Hybrid Data Pipeline, a data access service that provides cloud and on-premises data sources for hybrid cloud applications, such as customer resource management, data management platforms, or hosted analytics. The Application Development and Deployment segment offers Developer Tools, a set of components for user interface development; and Sitefinity, a web content management and customer analytics platform. The company also provides project management, implementation, custom development, programming, and other services, as well as services to web-enable applications; and training services. It sells its products to end users, independent software vendors, original equipment manufacturers, and system integrators. The company has operations in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. Progress Software Corporation was founded in 1981 and is headquartered in Bedford, Massachusetts.
IPO Year: 1991
Exchange: NASDAQ
Website: progress.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/28/2024 | $65.00 | Buy | DA Davidson |
| 1/24/2023 | $60.00 | Buy | Guggenheim |
| 9/9/2022 | $52.00 | Hold | Jefferies |
| 8/12/2022 | $60.00 | Buy | Guggenheim |
| 10/22/2021 | $60.00 | Overweight | JP Morgan |
| 8/6/2021 | $48.00 | Neutral | Citigroup |
| 7/15/2021 | $54.00 | Outperform | Oppenheimer |
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Providing a diverse range of perspectives from bullish to bearish, 5 analysts have published ratings on Progress Software (NASDAQ:PRGS) in the last three months. The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 2 1 0 0 Last 30D 0 1 0 0 0 1M Ago 2 1 1 0 0 2M Ago 0 0 0 0 0 3M Ago 0 0 0 0 0 Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $63.6, with a high estimate of $68.00 and a low estimate of $55.00. A decline of
Wedbush analyst Daniel Ives maintains Progress Software (NASDAQ:PRGS) with a Outperform and raises the price target from $67 to $68.
Wall Street experienced a mixed session on Wednesday, as investors adopted a cautious stance following Tuesday’s gains while awaiting key economic data releases later this week, including the Fed’s preferred inflation report due on Friday. At noon in New York, major U.S. averages traded flat, showing a lack of direction. Notably, 10 out of 11 sectors in the S&P 500 were in the red, with consumer discretionary being the only sector to post gains. Small caps fell by 0.3%, while blue chips edged up by 0.1%. The semiconductor industry failed to continue its rebound, as the iShares Semiconductor ETF (NYSE:SOXX) dropped 1%, with Nvidia Corp. (NASDAQ:NVDA) down 2%. Treasury yields rose, pa
Across the recent three months, 4 analysts have shared their insights on Progress Software (NASDAQ:PRGS), expressing a variety of opinions spanning from bullish to bearish. In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 1 1 0 0 Last 30D 1 1 1 0 0 1M Ago 1 0 0 0 0 2M Ago 0 0 0 0 0 3M Ago 0 0 0 0 0 Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $62.5, with a high estimate of $66.00 and a low estimate of $55.00. Experienci
DA Davidson analyst Lucky Schreiner maintains Progress Software (NASDAQ:PRGS) with a Buy and maintains $65 price target.
Oppenheimer analyst Ittai Kidron maintains Progress Software (NASDAQ:PRGS) with a Outperform and maintains $66 price target.
Jefferies analyst Brent Thill maintains Progress Software (NASDAQ:PRGS) with a Hold and lowers the price target from $60 to $55.
2024 Business OutlookProgress provides the following guidance for the fiscal year ending November 30, 2024 and the fiscal third quarter ending August 31, 2024:Updated FY 2024 Guidance(June 25, 2024)Prior FY 2024 Guidance(March 26, 2024)(In millions, except percentages and per share amounts)GAAPNon-GAAP1GAAPNon-GAAP1 Revenue$725 - $735$725 - $735$722 - $732$722 - $732 Diluted earnings per share$1.98 - $2.10$4.70 - $4.80$1.94 - $2.06$4.65 - $4.75 Operating margin19%39% - 40%19% - 20%39% - 40% Cash from operations (GAAP) /Adjusted free cash flow (non-GAAP)$205 - $215$205 - $215$205 - $215$205 - $215 Effective tax rate20%20%20%20% Q3 2024 Guidance(In millions, except per share amounts)GAAPNon-G
Accomplished industry leader with proven track record in developing people strategies and creating impactful employee experiences for global multi-billion-dollar organizations to enhance award-winning best employer BURLINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced the appointment of Amanda Arria as Chief People Officer (CPO), effective October 28, 2024. In her new role, Arria will be responsible for all aspects of Progress' global People Team function. She joins the Progress executive team, reporting directly to CEO Yogesh Gupta. "Amanda Arria is an exceptional Human Resources professio
BURLINGTON, Mass., Sept. 26, 2022 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of infrastructure software, today announced the appointment of YuFan Stephanie Wang (Stephanie) to the role of Executive Vice President (EVP), Chief Legal Officer (CLO) and Secretary. In this role, Stephanie will oversee all aspects of Progress' legal, compliance and corporate governance efforts. "We are thrilled to have Stephanie in the role of Chief Legal Officer," said Yogesh Gupta, CEO, Progress. "In the short time she's been with Progress, Stephanie has made a significant impact in the areas of corporate governance, M&A efforts related to Total Growth Strategy, our ESG efforts, and more
30+ Year Industry Veteran to Steer Company's IT Vision, including Security Best Practices and M&A Integration BEDFORD, Mass., Aug. 03, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced the appointment of Ian Pitt as its new Chief Information Officer (CIO). With more than 30 years of information technology leadership experience, Mr. Pitt will be responsible for driving the vision, strategy and operations of Progress' global IT organization. He will also lead Progress' ongoing efforts to safeguard its networks, infrastructure, business applications and products with best-in-cla
New hire to champion company's inclusion, equity and diversity practices as part of its larger corporate social responsibility program, Progress for Tomorrow BEDFORD, Mass., June 14, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced that it has hired Dr. Shirley Knowles as its first Chief Inclusion and Diversity Officer. Dr. Knowles will be responsible for leading Progress' inclusion and diversity initiatives designed to build, foster and grow a culture where all employees feel valued, safe and successful. "Many companies have worked hard to ensure their inclusion, equity and
Solid Execution Drove Growth and Operating LeverageAcquisition of Chef Bolsters Position in DevOps Market and Drives Fiscal 2021 Revenue Growth BEDFORD, Mass., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2020. Fourth Quarter 2020 Highlights: Revenue of $122.4 million increased 5% year-over-year on an actual currency basis, and 4% on a constant currency basis.Non-GAAP revenue of $129.1 million increased 5% on an actual currency basis, and 4% constant currency basis.Operating margin w
Latest Sitefinity release offers out-of-the-box native support for Next.js and Gen AI-powered content workflows--accelerating the delivery of digital experiences BURLINGTON, Mass., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced new powerful capabilities and enhancements in the latest release of Progress® Sitefinity®. With this release, Sitefinity introduces native support for Next.js, a React framework, enabling organizations to leverage one of the fastest growing frontend frameworks for developers to create modern, state-of-the-art digital experiences. "Developers want to use their technology of choic
Enduring partnership highlights both companies' dedication to providing cutting-edge cybersecurity solutions for customers throughout the Middle East BURLINGTON, Mass., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced 10 years of partnership with emt Distribution—a leading cybersecurity distributor in the Middle East and Africa. Together, they have empowered hundreds of organizations across the region, spanning sectors such as government, finance, oil and gas and education, to strengthen their security and IT infrastructure. "emt Distribution's deep understanding of the Middle East market and their custo
ShareFile's AI-powered, document-centric collaboration platform expands Progress' industry-leading product portfolio and marks a major milestone in the company's Total Growth Strategy BURLINGTON, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced the completion of the acquisition of ShareFile, a business unit of Cloud Software Group, Inc., providing a SaaS-native, AI-powered, document-centric collaboration platform, focusing on industry segments including business and professional services, financial services, industrial and healthcare. "This acquisition marks the latest major milestone in Progress'
Accomplished industry leader with proven track record in developing people strategies and creating impactful employee experiences for global multi-billion-dollar organizations to enhance award-winning best employer BURLINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced the appointment of Amanda Arria as Chief People Officer (CPO), effective October 28, 2024. In her new role, Arria will be responsible for all aspects of Progress' global People Team function. She joins the Progress executive team, reporting directly to CEO Yogesh Gupta. "Amanda Arria is an exceptional Human Resources professio
IP Address Indexing is the first in a series of major performance and scalability enhancements to the Flowmon AI-powered Network Detection and Response & Network Visibility offerings. BURLINGTON, Mass., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced the latest release of Progress® Flowmon®, the network observability platform with AI-powered detection for cyberthreats, anomalies and fast access to actionable insights for greater network and application performance across hybrid cloud ecosystems. With today's release, the Flowmon platform enhances IP search efficiency up to tenfold with innovative IP addr
Announced during the OpenEdge World Tour and PUG Challenge Americas event, the awards recognize partners for their exemplary collaboration, modern business applications and exceptional commitment to customers BURLINGTON, Mass., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Progress, the trusted provider of AI-powered infrastructure software, today announced the winners of its 2024 OpenEdge North America Partner Awards. This recognition honors partners who have significantly impacted their business through the utilization of Progress® OpenEdge®, the flagship application development platform used by over 100,000 enterprises worldwide to streamline the delivery of mission-critical business application
Progress Q3'24 Tops High End of EstimatesExpects to Close ShareFile Acquisition in Fiscal 2024 BURLINGTON, Mass., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced financial results for its fiscal third quarter ended August 31, 2024. Third Quarter 2024 Highlights1: Revenue and non-GAAP revenue of $179 million increased 2% year-over-year on both an actual and a constant currency basis.Annualized Recurring Revenue ("ARR") of $582 million remained relatively flat year-over-year on a constant currency basis.Operating margin was 23% and non-GAAP operating margin was 41%.Diluted earnings per share was $0.65 c
Innovators from Dupont, Salesforce, Yale and more to explore the future of data, generative AI, knowledge management and data visualization BURLINGTON, Mass., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced the speaker lineup for the MarkLogic World Tour US, taking place September 23-25, 2024, at the Bethesda Marriott in Maryland. Industry leaders, innovators and professionals on the front line of the data world will gather to discuss the future of data and address real-world challenges in areas such as generative AI (GenAI), data visualization and knowledge management. Registration is open. With nearl
BURLINGTON, Mass., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced that it will release financial results for its fiscal third quarter of 2024 after the market close on Tuesday, September 24, 2024. The company's third quarter of fiscal year 2024 ended on August 31, 2024. Progress will host a conference call to review and discuss the results at 5:00 p.m. ET the same day. Conference Call DetailsA live webcast of the conference call will be available here. The webcast will be listen-only, and a replay will be available shortly after the call concludes. To access the conference call by phone, please use t
BURLINGTON, Mass., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced it has entered into a definitive agreement to acquire ShareFile, a business unit of Cloud Software Group, Inc., providing SaaS-native, AI-powered, document-centric collaboration, focusing on industry segments including business and professional services, financial services, healthcare and construction. "Businesses today need to enhance their effectiveness in serving customers, while continuously streamlining their operations to drive efficiency, security and compliance," said Yogesh Gupta, CEO of Progress. "ShareFile fits strategic
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DA Davidson initiated coverage of Progress Software with a rating of Buy and set a new price target of $65.00
Guggenheim resumed coverage of Progress Software with a rating of Buy and set a new price target of $60.00
Jefferies initiated coverage of Progress Software with a rating of Hold and set a new price target of $52.00
Guggenheim initiated coverage of Progress Software with a rating of Buy and set a new price target of $60.00
JP Morgan initiated coverage of Progress Software with a rating of Overweight and set a new price target of $60.00
Citigroup initiated coverage of Progress Software with a rating of Neutral and set a new price target of $48.00
Oppenheimer initiated coverage of Progress Software with a rating of Outperform and set a new price target of $54.00
Guggenheim initiated coverage of Progress Software with a rating of Buy and set a new price target of $56.00
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Progress Q3'24 Tops High End of EstimatesExpects to Close ShareFile Acquisition in Fiscal 2024 BURLINGTON, Mass., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced financial results for its fiscal third quarter ended August 31, 2024. Third Quarter 2024 Highlights1: Revenue and non-GAAP revenue of $179 million increased 2% year-over-year on both an actual and a constant currency basis.Annualized Recurring Revenue ("ARR") of $582 million remained relatively flat year-over-year on a constant currency basis.Operating margin was 23% and non-GAAP operating margin was 41%.Diluted earnings per share was $0.65 c
BURLINGTON, Mass., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced that it will release financial results for its fiscal third quarter of 2024 after the market close on Tuesday, September 24, 2024. The company's third quarter of fiscal year 2024 ended on August 31, 2024. Progress will host a conference call to review and discuss the results at 5:00 p.m. ET the same day. Conference Call DetailsA live webcast of the conference call will be available here. The webcast will be listen-only, and a replay will be available shortly after the call concludes. To access the conference call by phone, please use t
BURLINGTON, Mass., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced it has entered into a definitive agreement to acquire ShareFile, a business unit of Cloud Software Group, Inc., providing SaaS-native, AI-powered, document-centric collaboration, focusing on industry segments including business and professional services, financial services, healthcare and construction. "Businesses today need to enhance their effectiveness in serving customers, while continuously streamlining their operations to drive efficiency, security and compliance," said Yogesh Gupta, CEO of Progress. "ShareFile fits strategic
Second Quarter Revenues and Earnings Per Share Ahead of GuidanceRaising Full Year Revenue and Earnings Per Share Outlook BURLINGTON, Mass., June 25, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of AI-powered infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2024. Second Quarter 2024 Highlights1: Revenue and non-GAAP revenue of $175 million decreased 2% year-over-year on both an actual and a constant currency basis.Annualized Recurring Revenue ("ARR") of $579 million increased 1% year-over-year on a constant currency basis.Operating margin was 16% and non-GAAP operating margin was 38%.Diluted earnings per share
BURLINGTON, Mass., June 11, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of infrastructure software, today announced that it will release financial results for its fiscal second quarter of 2024 after the market close on Tuesday, June 25, 2024. The company's second quarter of fiscal year 2024 ended on May 31, 2024. Progress will host a conference call to review and discuss the results at 5:00 p.m. ET the same day. Conference Call DetailsA live webcast of the conference call will be available here. The webcast will be listen-only, and a replay will be available shortly after the call concludes. To access the conference call by phone, please use this li
BURLINGTON, Mass., April 19, 2024 (GLOBE NEWSWIRE) -- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE "TAKEOVER RULES") AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER RULES. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY SUCH OFFER WILL BE MADE. POSSIBLE CASH OFFER for MARIADB PLC by PROGRESS SOFTWARE CORP. Summary Further to the announcem
First Quarter Revenues and Earnings Per Share Ahead of Estimates BURLINGTON, Mass., March 26, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of infrastructure software, today announced financial results for its fiscal first quarter ended February 29, 2024. First Quarter 2024 Highlights¹: Revenue of $185 million increased 12% year-over-year on both an actual and a constant currency basis.Non-GAAP revenue of $185 million increased 12% year-over-year on an actual currency basis and 11% on a constant currency basis.Annualized Recurring Revenue ("ARR") of $571 million remained consistent year-over-year on a constant currency basis.Operating margin was 19% and non-GAAP
POSSIBLE OFFER (RULE 2.4 ANNOUNCEMENT) NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE "TAKEOVER RULES") AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER RULES. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY SUCH OFFER WILL BE MADE. BURLINGTON, Mass., March 26, 2024 (GLOBE NEWSWIRE) -- Progress Software Corp. ("Progress") (NASDAQ:PRGS), the trusted provider of i
BURLINGTON, Mass., March 12, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of infrastructure software, today announced that it will release financial results for its fiscal first quarter of 2024 after the market close on Tuesday, March 26, 2024. The company's first quarter of fiscal year 2024 ended on February 29, 2024 Progress will host a conference call to review and discuss the results at 5:00 p.m. ET the same day. Conference Call DetailsA live webcast of the call will be available on the Investor Relations page of Progress' website. To access the conference call by phone, please use this link to retrieve dial-in details. To avoid delays, we encourage particip
Fourth Quarter Revenues and Earnings Per Share Ahead of EstimatesARR Growth of 17% Year-over-Year BURLINGTON, Mass., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Progress (NASDAQ:PRGS), the trusted provider of infrastructure software, today announced financial results for its fiscal fourth quarter and fiscal year ended November 30, 2023. Fourth Quarter 2023 Highlights1: Revenue of $177.0 million increased 13% year-over-year on an actual currency basis and 11% year-over-year on a constant currency basis.Non-GAAP revenue of $177.5 million increased 12% year-over-year on an actual currency basis and 10% year-over-year on a constant currency basis.Annualized Recurring Revenue ("ARR") of $574 million i