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

Mercer Global Advisors Inc. ADV bought a new position in shares of Progress Software Co. (NASDAQ:PRGS) in the fourth quarter, HoldingsChannel reports. The firm bought 10,332 shares of the software maker’s stock, valued at approximately $673,000.

A number of other institutional investors also recently modified their holdings of PRGS. Pacer Advisors Inc. boosted its holdings in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Natixis lifted its holdings in Progress Software by 287.1% in the fourth quarter. Natixis now owns 518,700 shares of the software maker’s stock worth $33,793,000 after buying an additional 384,700 shares during the period. Raymond James Financial Inc. purchased a new stake in Progress Software in the fourth quarter worth about $15,432,000. Price T Rowe Associates Inc. MD lifted its holdings in Progress Software by 468.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker’s stock worth $12,139,000 after buying an additional 153,517 shares during the period. Finally, Norges Bank purchased a new stake in Progress Software in the fourth quarter worth about $9,699,000.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $60.90 on Monday. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 39.04, a P/E/G 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 company has a 50 day simple moving average of $56.83 and a two-hundred day simple moving average of $60.90. Progress Software Co. has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

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

Insider Activity at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the transaction, the insider now owns 8,317 shares in the company, valued at $468,163.93. This represents a 7.79% decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on PRGS shares. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Wedbush restated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, DA Davidson lowered their price objective on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to 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.