Mountain Pacific Investment Advisers LLC Acquires 91,003 Shares of Progress Software Corporation $PRGS

Mountain Pacific Investment Advisers LLC increased its holdings in shares of Progress Software Corporation (NASDAQ:PRGS) by 66.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 227,626 shares of the software maker’s stock after acquiring an additional 91,003 shares during the quarter. Mountain Pacific Investment Advisers LLC’s holdings in Progress Software were worth $14,532,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Avantax Advisory Services Inc. raised its holdings in shares of Progress Software by 3.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker’s stock worth $329,000 after buying an additional 185 shares in the last quarter. QRG Capital Management Inc. raised its stake in Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after acquiring an additional 187 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock worth $84,000 after acquiring an additional 326 shares during the last quarter. Maseco LLP acquired a new stake in shares of Progress Software in the 2nd quarter valued at approximately $28,000. Finally, GAMMA Investing LLC grew its holdings in shares of Progress Software by 59.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,463 shares of the software maker’s stock valued at $93,000 after purchasing an additional 546 shares during the last quarter.

Progress Software Price Performance

Progress Software stock opened at $45.22 on Thursday. The stock’s 50 day moving average is $44.67 and its 200 day moving average is $53.47. Progress Software Corporation has a one year low of $40.29 and a one year high of $70.56. The firm has a market cap of $1.94 billion, a P/E ratio of 41.11, a P/E/G ratio of 2.05 and a beta of 0.67. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.43.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 5.16% and a return on equity of 43.68%. The firm had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. During the same quarter last year, the business earned $1.09 EPS. The company’s revenue was up 35.6% compared to the same quarter last year. As a group, research analysts expect that Progress Software Corporation will post 4.01 EPS for the current year.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the business’s stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares of the company’s stock, valued at $2,307,320.23. The trade was a 11.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Krall bought 5,125 shares of the firm’s stock in a transaction that occurred on Wednesday, July 23rd. The shares were acquired at an average cost of $48.90 per share, with a total value of $250,612.50. Following the purchase, the director directly owned 100,090 shares of the company’s stock, valued at $4,894,401. This trade represents a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRGS has been the topic of a number of research analyst reports. Wedbush restated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Citigroup reduced their price objective on Progress Software from $64.00 to $57.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 15th. Jefferies Financial Group dropped their target price on Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday. Wall Street Zen cut Progress Software from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $70.00.

Progress Software 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.