Is Progress Software Corporation (NASDAQ:PRGS) a buy in 2026?
Yes, on balance. The Compass leans toward accumulating Progress Software Corporation at current levels.
Serial acquirer of unloved infrastructure software throwing off $300M+ in cash, trading at 6x forward earnings because Wall Street can't categorize it.
Where PRGS is headed
Progress is the software equivalent of a value-conscious real estate operator. It buys tired but sticky infrastructure assets (Chef, Kemp, MarkLogic, ShareFile), integrates them into a shared operating platform, cuts the fat, and harvests the cash. The MOVEit breach of 2023 is now three years in the rear-view, the customer base held, and the ShareFile acquisition (closed October 2024 for $875M) is annualizing at roughly $240M in ARR with margins that should approach the corporate 40%+ EBITDA profile by mid-2027. That is not a growth story. It is a compounding cash machine masquerading as a boring mid-cap.
Read the full Compass Direction on PRGS
The complete destination call, the overlooked angle, milestones, and bull, base, and bear price scenarios (around $39.16).
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Frequently asked questions
Is Progress Software Corporation (NASDAQ:PRGS) a buy in 2026?
Yes, on balance. The Compass leans toward accumulating Progress Software Corporation at current levels. Serial acquirer of unloved infrastructure software throwing off $300M+ in cash, trading at 6x forward earnings because Wall Street can't categorize it.
What is PRGS's Compass Score?
Progress Software Corporation scores 77/100 on Alexandria's Compass, placing it in the "Favorable" tier. Scores blend eight factors and update weekly.
What is the price target for PRGS?
Alexandria's full Compass Direction includes bull, base, and bear price scenarios with the valuation math behind each. Read the full breakdown on the PRGS page.
Compass verdicts are AI-generated, forward-looking editorial research from publicly available data, not investment advice or a recommendation regarding any security. Scores and verdicts update as the data changes.