Mercer Global Advisors Inc. ADV Takes $673,000 Position in Progress Software Co. (NASDAQ:PRGS)

Mercer Global Advisors Inc. ADV purchased a new position in Progress Software Co. (NASDAQ:PRGS - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,332 shares of the software maker's stock, valued at approximately $673,000.

Several other institutional investors also recently added to or reduced their stakes in PRGS. Pacer Advisors Inc. boosted its stake in Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Natixis raised its holdings in shares of Progress Software by 287.1% in the 4th quarter. Natixis now owns 518,700 shares of the software maker's stock worth $33,793,000 after purchasing an additional 384,700 shares during the period. Raymond James Financial Inc. purchased a new position in Progress Software in the fourth quarter valued at approximately $15,432,000. Price T Rowe Associates Inc. MD grew its holdings in Progress Software by 468.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock valued at $12,139,000 after purchasing an additional 153,517 shares during the period. Finally, Norges Bank bought a new position in Progress Software during the fourth quarter valued at $9,699,000.

Progress Software Price Performance

Progress Software stock traded down $0.72 during midday trading on Wednesday, hitting $61.80. 432,956 shares of the company's stock were exchanged, compared to its average volume of 562,001. The company has a market cap of $2.66 billion, a P/E ratio of 39.62, a PEG ratio of 2.82 and a beta of 0.67. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50-day moving average price of $57.09 and a two-hundred day moving average price of $60.89. Progress Software Co. has a 52-week low of $48.00 and a 52-week high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued 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 during 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 revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter last year, the company posted $1.25 EPS. On average, equities research analysts forecast that Progress Software Co. will post 4.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Guggenheim restated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Citigroup increased their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Wedbush reiterated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson dropped their price target on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Progress Software has an average rating of "Moderate Buy" and an average target price of $74.33.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 703 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now owns 8,317 shares in the company, valued at $468,163.93. This trade represents a 7.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the company's stock in a transaction on Thursday, April 24th. The stock was 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. 3.40% of the stock is currently owned by company insiders.

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.