Progress Software
Progress disclosed a zero-day vulnerability in MOVEit Transfer that was exploited across many customer environments in a mass data-theft campaign.
-2.9% PRGS vs +5.9% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionMay 30, 2023
Normalized to 100 for both PRGS and SPY.
- 02Public disclosureMay 31, 2023 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeMay 31, 2023
+0.3% company total return versus -0.6% for SPY; +0.8 pp market-relative return.
Disclosure time is unknown; the previous session close is used as baseline.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | PRGS | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | May 31, 2023 | +0.3% | -0.6% | +0.8 pp | Above SPY |
| +7 days | Jun 7, 2023 | -0.1% | +1.5% | -1.6 pp | Below SPY |
| +1 month | Jun 30, 2023 | -2.9% | +5.9% | -8.8 pp | Below SPY |
| +3 months | Aug 31, 2023 | +2.0% | +7.6% | -5.6 pp | Below SPY |
| +6 months | Nov 30, 2023 | -9.4% | +9.4% | -18.8 pp | Below SPY |
| +12 months | May 31, 2024 | -14.5% | +27.3% | -41.9 pp | Below SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | +0.8 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -1.6 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -8.8 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -5.6 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -18.8 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | -41.9 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
PRGS compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
Progress Software had -14.5% company total return versus +27.3% for SPY; -41.9 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | PRGS | SPY |
|---|---|---|
| May 30, 2023 | 100.0 | 100.0 |
| Jun 29, 2023 | 91.7 | 104.7 |
| Jul 31, 2023 | 100.4 | 109.4 |
| Aug 29, 2023 | 103.3 | 107.3 |
| Sep 28, 2023 | 89.4 | 102.7 |
| Oct 27, 2023 | 84.7 | 98.4 |
| Nov 28, 2023 | 89.7 | 109.1 |
| Dec 28, 2023 | 91.5 | 114.7 |
| Jan 30, 2024 | 96.8 | 118.2 |
| Feb 29, 2024 | 90.0 | 122.3 |
| Apr 1, 2024 | 89.1 | 126.1 |
| Apr 30, 2024 | 84.1 | 121.2 |
| May 30, 2024 | 83.5 | 126.2 |
| Jul 1, 2024 | 90.7 | 132.1 |
| Jul 31, 2024 | 98.9 | 133.4 |
| Aug 29, 2024 | 98.6 | 135.2 |
| Sep 30, 2024 | 114.4 | 139.4 |
| Oct 29, 2024 | 110.6 | 141.3 |
| Nov 27, 2024 | 114.7 | 145.5 |
| Dec 30, 2024 | 110.5 | 143.4 |
| Jan 31, 2025 | 97.4 | 146.7 |
| Mar 4, 2025 | 93.4 | 140.6 |
| Apr 2, 2025 | 100.2 | 138.0 |
| May 2, 2025 | 103.8 | 138.6 |
| May 30, 2025 | 104.5 | 144.1 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -0.5% on Jun 1, 2023
- Recovery close
- Jun 2, 2023
- Calendar days
- 2
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in PRGS with $1,000 in SPY, bought and measured on the same dates.
Entry Jun 5, 2023 Exit Dec 5, 2023
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
Progress’s MOVEit team investigated unusual customer activity, discovered a zero-day vulnerability and issued mitigation and patch instructions. The vulnerability became the entry point for a wide mass-exploitation and data-theft campaign across users of the product.
The vendor role is explicit: Progress is analyzed because its product and response were central to the event, not because it was one of the downstream organizations whose data was stolen.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Jun 5, 2023Progress Form 8-K regarding MOVEit Transfer Progress Software / U.S. SEC Supports: Disclosure, Listing, Impact, Description
- primary Jul 5, 2023MOVEit Transfer and MOVEit Cloud patch FAQ Progress Software Supports: Disclosure, Impact, Description
- Listing evidenceChecked Jul 20, 2026Progress MOVEit Form 8-K U.S. Securities and Exchange Commission The issuer filing confirms Progress's Nasdaq listing and documents its MOVEit disclosure and response.
Why it is included. Progress was the responsible software vendor; exploitation of a zero-day in its managed-transfer product propagated across many customers and created systemic, regulatory and data-loss consequences. Reviewed Jul 20, 2026.