PRGS → $60.00 by Dec 17, 2026.

Progress Software (NASDAQ: PRGS) trades around $42, and the market appears to value it as a slow-growing legacy software company with leverage and acquisition risk. After digging through the business, I think that framing may miss the more interesting part of the story. PRGS isn't really a high-growth SaaS play. Its organic ARR growth is only around 2%. The model is closer to a software roll-up: acquire mature recurring-revenue software assets, integrate them, improve margins, generate substantial FCF, deleverage, and …