Mercury Systems Inc $MRCY Shares Sold by Conestoga Capital Advisors LLC

Key Points

• Conestoga Capital Advisors cut its Mercury Systems stake by 19.9% in the third quarter, selling 296,634 shares; it retained 1.19 million shares, a 1.96% ownership stake valued at about $98.8 million.
• Mercury Systems’ quarterly revenue rose 6.1% year over year to $289.8 million, exceeding estimates, while earnings per share of $0.37 slightly missed the $0.38 consensus.
• Company insiders sold 452,186 shares worth about $41.9 million over three months. Analysts’ average rating was “Hold,” with an average price target of $107.90.

Conestoga Capital Advisors LLC trimmed its position in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 19.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,190,557 shares of the technology company's stock after selling 296,634 shares during the period. Mercury Systems accounts for 3.0% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 12th biggest holding. Conestoga Capital Advisors LLC owned 1.96% of Mercury Systems worth $98,816,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Mercury Systems in the second quarter worth $43,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Mercury Systems during the second quarter valued at $52,000. IFP Advisors Inc raised its position in Mercury Systems by 250.8% during the second quarter. IFP Advisors Inc now owns 463 shares of the technology company's stock valued at $57,000 after buying an additional 331 shares during the period. Rockefeller Capital Management L.P. raised its position in Mercury Systems by 53.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 653 shares of the technology company's stock valued at $48,000 after buying an additional 228 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Mercury Systems during the second quarter valued at $82,000. 95.99% of the stock is owned by institutional investors and hedge funds.

Mercury Systems Stock Performance

MRCY stock opened at $71.76 on Thursday. The firm has a 50 day moving average of $81.18 and a two-hundred day moving average of $91.48. Mercury Systems Inc has a 12 month low of $65.04 and a 12 month high of $128.45. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -143.52 and a beta of 0.98. The company has a quick ratio of 1.85, a current ratio of 2.96 and a debt-to-equity ratio of 0.29.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last released its quarterly earnings results on Tuesday, August 18th. The technology company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). Mercury Systems had a negative net margin of 3.02% and a positive return on equity of 1.29%. The business had revenue of $289.78 million for the quarter, compared to the consensus estimate of $266.09 million. During the same quarter in the prior year, the business posted $0.47 EPS. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts anticipate that Mercury Systems Inc will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling at Mercury Systems

In other Mercury Systems news, EVP David Farnsworth sold 8,155 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $100.31, for a total transaction of $818,028.05. Following the transaction, the executive vice president directly owned 124,579 shares in the company, valued at $12,496,519.49. This trade represents a 6.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Ballhaus sold 111,076 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $87.12, for a total value of $9,676,941.12. Following the transaction, the chief executive officer owned 342,436 shares in the company, valued at approximately $29,833,024.32. This trade represents a 24.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 452,186 shares of company stock worth $41,933,170 over the last three months. Company insiders own 0.99% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MRCY. Piper Sandler reduced their price objective on Mercury Systems from $131.00 to $107.00 and set an "overweight" rating for the company in a research note on Friday, October 23rd. Guggenheim started coverage on Mercury Systems in a research note on Monday, September 14th. They set a "buy" rating and a $115.00 target price on the stock. Weiss Ratings cut Mercury Systems from a "sell (d)" rating to a "sell (d-)" rating in a research note on Monday, September 28th. Truist Financial upped their target price on Mercury Systems from $109.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, August 20th. Finally, Oppenheimer began coverage on shares of Mercury Systems in a research report on Thursday, October 22nd. They issued an "outperform" rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $107.90.

About Mercury Systems

Mercury Systems, Inc is an aerospace and defense technology company that develops and manufactures mission-critical computing and electronic systems. Its products are designed for use in aircraft, unmanned systems, naval vessels, ground vehicles, radar platforms and other defense applications.

The company provides embedded computing solutions, including high-performance processors, ruggedized computers, secure servers, data-storage systems and software. Its portfolio also includes radio-frequency and microwave components, electronic warfare systems, signal processing technologies and systems used for radar, communications, avionics and intelligence, surveillance and reconnaissance missions.

Founded in 1981 and headquartered in Andover, Massachusetts, Mercury Systems primarily serves the U.S.

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