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

Key Points

• Mountain Pacific Investment Advisers LLC has increased its stake in Progress Software Corporation by 66.6%, now holding 227,626 shares valued at approximately $14.5 million.
• Several research firms have given buy ratings for Progress Software, with a consensus rating of "Moderate Buy" and an average price target of $70.00.
• Insider trading activity includes Director David Krall purchasing 5,125 shares for $250,612.50, indicating strong confidence in the company's future performance.

Mountain Pacific Investment Advisers LLC raised its stake in Progress Software Corporation (NASDAQ:PRGS - Free Report) by 66.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 227,626 shares of the software maker's stock after buying an additional 91,003 shares during the quarter. Mountain Pacific Investment Advisers LLC owned 0.53% of Progress Software worth $14,532,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Squarepoint Ops LLC bought a new position in Progress Software during the 4th quarter worth approximately $606,000. GAMMA Investing LLC boosted its position in shares of Progress Software by 2,620.9% during the first quarter. GAMMA Investing LLC now owns 47,235 shares of the software maker's stock worth $2,433,000 after purchasing an additional 45,499 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Progress Software by 1.8% in the 1st quarter. Rhumbline Advisers now owns 121,063 shares of the software maker's stock valued at $6,236,000 after buying an additional 2,193 shares during the period. Harbor Capital Advisors Inc. increased its position in shares of Progress Software by 19.7% in the 1st quarter. Harbor Capital Advisors Inc. now owns 10,286 shares of the software maker's stock valued at $530,000 after buying an additional 1,692 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in Progress Software by 5.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 32,499 shares of the software maker's stock worth $1,674,000 after buying an additional 1,679 shares during the period.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRGS. DA Davidson reiterated a "buy" rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday. Guggenheim reaffirmed a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Citigroup lowered their target price on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Jefferies Financial Group reduced their price objective on Progress Software from $60.00 to $50.00 and set a "hold" rating for the company in a research report on Tuesday. Finally, Wedbush reiterated an "outperform" rating and set a $75.00 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $70.00.

Insiders Place Their Bets

In related news, Director David Krall acquired 5,125 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were purchased at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the acquisition, the director directly owned 100,090 shares in the company, valued at approximately $4,894,401. This trade represents a 5.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rainer Gawlick purchased 1,710 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought at an average price of $43.48 per share, for a total transaction of $74,350.80. Following the purchase, the director owned 55,544 shares in the company, valued at $2,415,053.12. The trade was a 3.18% increase in their position. The disclosure for this purchase can be found here. Company insiders own 3.40% of the company's stock.

Progress Software Price Performance

Shares of PRGS opened at $45.22 on Thursday. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 41.11, a PEG ratio of 2.05 and a beta of 0.67. The company's fifty day simple moving average is $44.67 and its 200 day simple moving average is $53.47. Progress Software Corporation has a 1-year low of $40.29 and a 1-year high of $70.56. The company has a current ratio of 0.44, a quick ratio of 0.43 and a debt-to-equity ratio of 2.22.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The business's revenue was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 earnings per share. On average, research analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal 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.

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