Peregrine Capital Management LLC cut its stake in shares of Mercury Systems Inc (NASDAQ:MRCY – Free Report) by 4.2% in the first quarter, Holdings Channel.com reports. The fund owned 136,175 shares of the technology company’s stock after selling 6,003 shares during the period. Peregrine Capital Management LLC’s holdings in Mercury Systems were worth $9,929,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Nordea Investment Management AB purchased a new position in shares of Mercury Systems during the 4th quarter worth approximately $4,954,000. Cresset Asset Management LLC purchased a new stake in Mercury Systems in the third quarter valued at approximately $1,862,000. Penn Capital Management Company LLC purchased a new stake in Mercury Systems in the third quarter valued at approximately $14,292,000. One Capital Management LLC lifted its stake in Mercury Systems by 43.6% during the fourth quarter. One Capital Management LLC now owns 29,300 shares of the technology company’s stock worth $2,139,000 after purchasing an additional 8,893 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of Mercury Systems by 45.6% during the fourth quarter. Bessemer Group Inc. now owns 399,496 shares of the technology company’s stock worth $29,168,000 after buying an additional 125,194 shares during the period. 95.99% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on MRCY. Canaccord Genuity Group boosted their price objective on Mercury Systems from $102.00 to $106.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mercury Systems in a research report on Tuesday, April 21st. The Goldman Sachs Group boosted their price target on shares of Mercury Systems from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Monday, May 11th. Jefferies Financial Group reissued a “hold” rating and set a $105.00 price target on shares of Mercury Systems in a research report on Monday, June 1st. Finally, Truist Financial raised shares of Mercury Systems to a “strong-buy” rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.00.
Insider Activity
In related news, EVP Steven Ratner sold 2,000 shares of Mercury Systems stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $92.46, for a total value of $184,920.00. Following the completion of the transaction, the executive vice president owned 32,238 shares in the company, valued at $2,980,725.48. The trade was a 5.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David E. Farnsworth sold 3,625 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $84.87, for a total transaction of $307,653.75. Following the transaction, the executive vice president owned 157,701 shares of the company’s stock, valued at $13,384,083.87. This trade represents a 2.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 21,875 shares of company stock valued at $2,040,874 over the last three months. 1.40% of the stock is currently owned by corporate insiders.
Mercury Systems Trading Up 11.0%
NASDAQ:MRCY opened at $122.33 on Wednesday. Mercury Systems Inc has a 12-month low of $49.54 and a 12-month high of $122.64. The firm has a market cap of $7.34 billion, a PE ratio of -509.71 and a beta of 0.94. The company has a current ratio of 3.19, a quick ratio of 2.15 and a debt-to-equity ratio of 0.40. The stock has a fifty day moving average price of $99.99 and a 200 day moving average price of $89.48.
Mercury Systems (NASDAQ:MRCY – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.21. The company had revenue of $235.76 million for the quarter, compared to the consensus estimate of $208.56 million. Mercury Systems had a positive return on equity of 2.22% and a negative net margin of 1.46%.Mercury Systems’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.06 EPS. Sell-side analysts anticipate that Mercury Systems Inc will post 0.31 earnings per share for the current fiscal year.
Mercury Systems Company Profile
Mercury Systems, Inc (NASDAQ: MRCY) is a technology company that designs, manufactures and markets secure processing subsystems for aerospace and defense applications. The company’s products are built to address the stringent security, safety and reliability requirements of mission-critical programs, with a focus on radar, electronic warfare, intelligence and other sensor and processing functions. Mercury’s offerings encompass rugged embedded computing modules, high-performance radio frequency (RF) and microwave components, digital signal processing subsystems and secure networking solutions.
Since its origins in advanced signal processing, Mercury Systems has expanded its capabilities through a combination of internal development and targeted acquisitions.
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