Progress Software Corporation ( PRGS ) reported better-than-expected earnings for the first quarter on Monday.

The company posted quarterly earnings of $1.60 per share which beat the analyst consensus estimate of $1.57 per share. The company reported quarterly sales of $247.799 million which beat the analyst consensus estimate of $246.401 million.

Progress Software ( PRGS ) raised its FY2026 adjusted EPS guidance from $5.82-$5.96 to $5.91-$6.03 and also increased sales guidance from $986.000 million-$1.000 billion to $988.000 million-$1.000 billion.

Progress Software ( PRGS ) shares dipped 6.6% to trade at $26.38 on Tuesday.

These analysts made changes to their price targets on Progress Software ( PRGS ) following earnings announcement.

Oppenheimer analyst Ittai Kidron maintained Progress Software ( PRGS ) with an Outperform rating and lowered the price target from $70 to $57.

Wedbush analyst Dan Ives maintained the stock with an Outperform rating and cut the price target from $65 to $45.

Jefferies analyst Brent Thill maintained Progress Software ( PRGS ) with a Hold and lowered the price target from $45 to $34.

Considering buying PRGS stock? Here’s what analysts think: