Mountain Pacific Investment Advisers LLC Purchases New Shares in Progress Software Co. (NASDAQ:PRGS)

Mountain Pacific Investment Advisers LLC purchased a new stake in shares of Progress Software Co. (NASDAQ:PRGS) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 136,623 shares of the software maker’s stock, valued at approximately $7,037,000.

Other hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of Progress Software during the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC boosted its position in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares in the last quarter. Assetmark Inc. boosted its position in shares of Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after purchasing an additional 204 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in Progress Software during the fourth quarter valued at $230,000.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 703 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now owns 8,317 shares of the company’s stock, valued at approximately $468,163.93. This represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Progress Software Stock Down 1.0%

Shares of NASDAQ:PRGS opened at $62.62 on Monday. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 40.14, a PEG ratio of 2.82 and a beta of 0.67. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software Co. has a 12-month low of $48.00 and a 12-month high of $70.56. The stock has a fifty day simple moving average of $60.46 and a two-hundred day simple moving average of $60.15.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. The firm had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. On average, research analysts anticipate that Progress Software Co. will post 4.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Guggenheim reiterated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson lowered their price objective on Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Wedbush reiterated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $74.33.

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.