Progress Software

PRGS · NASDAQ

$43.35+$1.10 (+2.60%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $42.25

PRGS analyst rating

BuyConsensus of 7 analysts over the last 12 months. 86% rate it a buy.

Strong buy0
Buy6
Hold1
Underperform0
Sell0

12-month price target · 9 analysts

Average $55.84 (+28.8% upside)

Low: $40.40
Now: $43.35
High: $87.15

Upgrades and downgrades

The latest rating actions, newest first

PRGS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
DA Davidson	Oct 2, 2026	Maintains	Buy	$55.00	43%
DA Davidson	Aug 12, 2026	Maintains	Buy	$45.00 → $55.00	43%
DA Davidson	Jul 23, 2026	Maintains	Buy	$40.00 → $45.00	43%
DA Davidson	Jul 1, 2026	Maintains	Buy	$40.00	43%
Oppenheimer	Jul 1, 2026	Maintains	Outperform	$57.00 → $50.00	67%
Guggenheim	Jul 1, 2026	Maintains	Buy	$83.00	59%
Citigroup	Apr 1, 2026	Maintains	Buy	$60.00 → $46.00	71%
DA Davidson	Mar 31, 2026	Maintains	Buy	$50.00 → $40.00	43%
Jefferies	Mar 31, 2026	Maintains	Hold	$45.00 → $34.00	60%
Wedbush	Mar 31, 2026	Maintains	Outperform	$65.00 → $45.00	64%

The case for and against

Updated Oct 14, 2026

Bull case

Progress Software is viewed positively because it continues to execute well on both growth and profitability, with 3Q26 revenue in line with guidance and non-GAAP operating margins around 40%, while ARR grew 2% year over year in constant currency to $868M and net retention rebounded to 100%. Its Progress Data Platform is also gaining strategic relevance as enterprise demand rises for data sovereignty, governance, and AI cost control, positioning the company as a key layer between frontier models and proprietary data. The announced Domo asset purchase is expected to add further value through attractive unit economics and synergies, supporting updated estimates and reinforcing confidence in durable shareholder value creation.

Bear case

Progress Software is exposed to meaningful concentration risk because over 10% of revenue comes from OpenEdge, and churn or partner migration away from that platform could materially reduce sales even though no single customer or partner exceeded 10% of total revenue in its last three fiscal years. Its acquisition-led growth model is also vulnerable to higher interest rates, which can make deals harder to complete and challenge returns that must exceed WACC, while one poor acquisition could impair retained revenue and delay margin improvement toward 40% within the target timeline of 12-months. Competitive M&A dynamics and key-man dependence further weaken the outlook, since the strategy relies heavily on the current management team and on avoiding overpayment in a market where private equity and other acquirers can outbid Progress.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.