Mountain Pacific Investment Advisers LLC Acquires Shares of 136,623 Progress Software Co. (NASDAQ:PRGS)

Mountain Pacific Investment Advisers LLC acquired a new stake in Progress Software Co. (NASDAQ:PRGS) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 136,623 shares of the software maker’s stock, valued at approximately $7,037,000. Mountain Pacific Investment Advisers LLC owned 0.32% of Progress Software at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. QRG Capital Management Inc. increased its holdings in shares of Progress Software by 1.8% in the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after purchasing an additional 187 shares during the period. Assetmark Inc. grew its position in Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock worth $215,000 after buying an additional 204 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in Progress Software by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock worth $290,000 after acquiring an additional 239 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Progress Software by 0.3% in the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock valued at $6,248,000 after acquiring an additional 281 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PRGS. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. DA Davidson decreased their price target on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Wedbush restated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.33.

Insider Buying and Selling at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the sale, the insider now owns 8,317 shares in the company, valued at approximately $468,163.93. This represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Progress Software Price Performance

PRGS opened at $62.62 on Monday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s 50 day simple moving average is $60.46 and its 200 day simple moving average is $60.15. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 40.14, a PEG ratio of 2.82 and a beta of 0.67. Progress Software Co. has a 1 year low of $48.00 and a 1 year high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. During the same quarter last year, the business earned $1.25 earnings per share. The business’s revenue was up 28.9% on a year-over-year basis. As a group, analysts predict that Progress Software Co. will post 4.01 earnings per share for the current year.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.