The report provides a detailed analysis of Progress Software Corporation's stock performance as of September 30, 2022, indicating a slightly bullish outlook with a target price averaging $52. It highlights both strengths, such as positive cash flow and superior earnings growth, and weaknesses, including high leverage and being overpriced on various financial ratios. Investors are advised to exercise caution before making investment decisions and seek professional guidance.

2. Page 1 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
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PRGS:NSD (Progress Software Corporation)
Software-Application | NSD | Common Stock
Values as of 29th Sep, 2022
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Last Close
USD 42.36
Change
+0.01(+0.02%)
Market Cap
USD 1.81B
1 Yr Capital Gain
-13.88%
1 Yr Dividend Return
1.42%
1 Yr Total
Return
-12.46%
Earning Growth (5 yr)
240.72%
Average Target Price
52.00(+22.76% )
Average Analyst
Rating
Strong Buy
Fundamental
Analysis
Slightly Bullish
Our view of the stock is Slightly Bullish with a score of 5.8 out of 10, where 0 is very bearish and 10 very bullish
What to like
Low volatility
The stock’s annual returns have been stable and consistent compared to its sector peers(for a hold period of at least 12 months) and is in the top quartile. Although
stability is good, also keep in mind it can limit returns.
Superior return on equity
The company management has delivered better return on equity in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior capital utilization
The company management has delivered better return on invested capital in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior return on assets
The company management has delivered better return on assets in the most recent 4 quarters than its peers, placing it in the top quartile.
Positive cash flow
The company had positive total cash flow in the most recent four quarters.
Positive free cash flow
The company had positive total free cash flow in the most recent four quarters.
Superior Earnings Growth
This stock has shown top quartile earnings growth in the previous 5 years compared to its sector.
What to not like
Overpriced compared to book value
The stock is trading high compared to its peers median on a price to book value basis.
Overpriced on cashflow basis
The stock is trading high compared to its peers on a price to cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are considering
to buy.
Highly leveraged
The company is in the bottom half compared to its sector peers on debt to equity and is highly leveraged. However, do check the news and look at its sector and
management statements. Sometimes this is high because the company is trying to grow aggressively.
Overpriced on free cash flow basis
The stock is trading high compared to its peers on a price to free cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are
considering to buy.
Low Revenue Growth
This stock has shown below median revenue growth in the previous 5 years compared to its sector

3. Page 2 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
PRGS:NSD (Progress Software Corporation)
Software-Application | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Adjusted Closing Share Volume
Relative Returns Relative Performance (Total Returns)
Security Capital Gain Dividend Return Total Return
PRGS
Progress Software
Corporation
-13.1% +1.4% -11.7%
QQQ
Invesco QQQ Trust
-24.3% +0.4% -23.9%
Company Overview
Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development
software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer
tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated
application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules
management system that provides applications with decision automation and change process, and decision-related insight capabilities. It
also offers DataDirect Connect, which provides data connectivity using industry-standard interfaces to connect applications running on
various platforms; MOVEit that offers secure collaboration and automated file transfers of critical business information; Chef, an
infrastructure automation platform to build, deploy, manage, and secure applications in multi-cloud and hybrid environments, and on-
premises; and WhatsUp Gold, a network monitoring solution. In addition, the company provides Kemp LoadMaster, a load balancing
solutions; and Kemp Flowmon network performance monitoring and diagnostic solutions that collect and analyze network telemetry from
various sources. Further, it provides project management, implementation, custom development, programming, and other services, as well
as web-enable applications; and training services. The company sells its products to end users, independent software vendors, original
equipment manufacturers, and system integrators. It has operations in the United States, Canada, Latin America, Europe, the Middle East,
Africa, and the Asia Pacific. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.

4. Page 3 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Company Website
https://www.progress.com
Address
15 Wayside Road, Burlington, MA, United States, 01803
Fiscal Year End
November
Employees
2103
Technical Indicators
Value Value
Beta 1.00 52 Week High 53.20
Short Ratio 13.57 52 Week Low 40.33
Shorted Shares 2,635,573 200 Day Moving Average 46.44
Shorted Shares Previous Month 2,790,389 50 Day Moving Average 46.82
Shares Held By Insiders 160.70% Short Percentage 5.00%
Shares Held by Institutions 105.61 Dividend Yield 1.66%

5. Page 4 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
PRGS:NSD (Progress Software Corporation)
Software-Application | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Market Performance
Market Performance vs. Industry / Classification (Software-Application) Market Performance vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
YTD
Capital Gain -12.24% -50.1% 89% -28.6% 67%
Dividend Return 1.09% 1.1% 50% 1.7% 32%
Total Return -11.16% -50.1% 89% -27.6% 67%
Trailing 12 Months
Capital Gain -13.88% -54.8% 88% -30.6% 66%
Dividend Return 1.42% 1.4% 53% 2.4% 30%
Total Return -12.46% -54.8% 90% -28.9% 65%
Trailing 5 Years
Capital Gain 10.98% 2.0% 51% -9.1% 63%
Dividend Return 8.49% 10.5% 36% 10.4% 37%
Total Return 19.47% 18.7% 51% 0.9% 62%
Average Annual (5 Year Horizon)
Capital Gain 4.96% 1.1% 53% 0.2% 63%
Dividend Return 1.62% 1.1% 61% 1.8% 45%
Total Return 6.58% 4.0% 54% 0.7% 63%
Risk Return Profile
Volatility (Standard
Deviation)
17.10% 38.7% 93% 33.4% 75%
Risk Adjusted Return 38.46% N/A 66% 10.9% 73%
Market Capitalization 1.81B 0.42B 71% 0.27B 83%

6. Page 5 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Key Financial Ratios
Ratios vs. Industry / Classification (Computer Hardware) Ratios vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
Market Value
peratio 19.4 32.1 63% 17.0 45%
pbratio 4.9 2.8 30% 1.4 16%
pcfratio 10.1 6.3 44% -1.3 21%
pfcfratio 11.1 0.0 26% -0.1 20%
Management Effectiveness
retequity 25.88% -18.5% 93% -7.9% 91%
retinvcap 11.64% -9.6% 84% -1.7% 79%
retass 6.63% -5.3% 91% -1.0% 88%
debtequityratio 129.59% 25.7% 23% 29.9% 17%
Technical Ratios
yield 1.66% 1.7% 47% 3.0% 28%
sratio 13.57 3.05 5% 2.66 6%
spercent 9.28% 3.1% 14% 2.4% 17%
beta 1.00 1.13 57% 1.06 55%

7. Page 6 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
PRGS:NSD (Progress Software Corporation)
Software-Application | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Recent Analyst Ratings
Price Action Rating Action Analyst Rating Price date
Target Lowered by Citigroup USD 52 » USD 46 2022-09-29
Target Down Jefferies Financial LLC USD 45 2022-09-29
Target Down JP Morgan & Company USD 56 2022-09-29
Initiates Coverage On Jefferies Financial LLC Hold USD 52 2022-09-09
Initiated by Guggenheim Securities Buy USD 60 2022-08-12
Maintains Oppenheimer Holdings Outperform USD 60 » USD 53 2022-06-29
Target Raised by Citigroup USD 48 » USD 52 2022-03-30
Initiates Coverage On JP Morgan & Company Overweight USD 60 2021-10-22
Target Raised by Citigroup Neutral USD 48 » USD 50 2021-09-24
Target Raised by Oppenheimer Holdings Outperform USD 54 » USD 60 2021-09-24
Initiated by Citigroup Neutral USD 48 2021-08-06
Initiates Coverage On Oppenheimer Holdings Outperform USD 54 2021-07-15
Initiated by Guggenheim Securities Buy USD 56 2021-06-08
Maintains Wedbush Outperform USD 45 » USD 55 2021-01-15
Reiterated by Wedbush Outperform USD 45 2020-08-26
Target Raised by Benchmark Buy USD 39 » USD 43 2020-06-26
Target Lowered by Wedbush Outperform USD 58 » USD 42 2020-03-27
Reiterated by Benchmark Buy USD 49 » USD 57 2020-01-17
Initiates Sidoti & Co. Buy USD 53 2019-10-22
Upgrades Wedbush Neutral » Outperform USD 44 » USD 52 2019-07-26
Upgrades Benchmark Hold » Buy 2019-07-17
Upgrades Benchmark Buy USD 49 2019-07-17
Reiterates Wedbush Neutral USD 42 » USD 44 2019-07-02
Set Price Target National Securities Buy USD 50 2019-06-28
Reiterates Wedbush Neutral USD 36 » USD 42 2019-03-29

8. Page 7 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
PRGS:NSD (Progress Software Corporation)
Software-Application | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Annual Financial (USD)

9. Page 8 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
PRGS:NSD (Progress Software Corporation)
Software-Application | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Quarterly Financial (USD)

10. Page 9 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
PRGS:NSD (Progress Software Corporation)
Software-Application | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 30th September, 2022
Largest Industry Peers for Software-Application
Symbol Company Name Price(Change) Market Cap
INTU Intuit Inc -12.48 (-3.0%) USD 112.97B
TEAM Atlassian Corp Plc -5.81 (-2.7%) USD 55.27B
CDNS Cadence Design Systems Inc -2.28 (-1.4%) USD 44.68B
ADSK Autodesk Inc -1.52 (-0.8%) USD 41.22B
WDAY Workday Inc -0.59 (-0.4%) USD 40.15B
TTD Trade Desk Inc -2.16 (-3.4%) USD 30.62B
DDOG Datadog Inc -2.31 (-2.6%) USD 27.34B
ZM Zoom Video Communications Inc -1.42 (-1.9%) USD 22.16B
ANSS ANSYS Inc -4.66 (-2.0%) USD 20.22B
NUAN Nuance Communications Inc N/A USD 17.88B
ETFs Containing PRGS
Symbol Company Name Weight Mer Price(Change) Market Cap
WFH Direxion Work From Home ETF 0.00 % 0.00 % -0.87 (-2.0%) USD 0.05B
The Stock Target Advisor platform run millions of calculations every day on over 30,000 Canadian and American stocks, comparing and
ranking their financial and market performance against their sectors and exchange.
We represent the percentile ranking using the following grading system.
Letter Grade Percentage Letter Grade Percentage Letter Grade Percentage
A+ 97%-100% A 93%-96% A- 90%-92%
B+ 97%-89% B 83%-86% B- 80%-82%
C+ 77%-79% C 73%-76% C- 70%-72%
D+ 67%-69% D 63%-66% D- 60%-62%
F 0%-59%