Rosenblatt Securities reissued their buy rating on shares of Pegasystems (NASDAQ:PEGA – Free Report) in a report released on Thursday,Benzinga reports. Rosenblatt Securities currently has a $58.00 price target on the technology company’s stock.
PEGA has been the subject of several other reports. Zacks Research cut Pegasystems from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. DA Davidson reissued a “buy” rating and set a $55.00 target price on shares of Pegasystems in a research report on Wednesday, June 10th. Citigroup restated a “market outperform” rating on shares of Pegasystems in a research note on Wednesday, June 10th. Weiss Ratings downgraded Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $58.00 price target on shares of Pegasystems in a research note on Wednesday, June 10th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.30.
Check Out Our Latest Stock Analysis on PEGA
Pegasystems Price Performance
Pegasystems (NASDAQ:PEGA – Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The technology company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.22). The firm had revenue of $429.97 million during the quarter, compared to analyst estimates of $473.24 million. Pegasystems had a net margin of 20.04% and a return on equity of 30.05%. Pegasystems’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 earnings per share. On average, research analysts expect that Pegasystems will post 1.93 EPS for the current fiscal year.
Pegasystems Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 1st. Pegasystems’s payout ratio is presently 6.45%.
Insiders Place Their Bets
In other Pegasystems news, insider Rifat Kerim Akgonul sold 4,545 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $33.35, for a total transaction of $151,575.75. Following the transaction, the insider directly owned 107,070 shares of the company’s stock, valued at approximately $3,570,784.50. This trade represents a 4.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Efstathios A. Kouninis sold 750 shares of Pegasystems stock in a transaction on Monday, June 1st. The shares were sold at an average price of $36.99, for a total transaction of $27,742.50. Following the completion of the transaction, the chief accounting officer owned 2,144 shares in the company, valued at approximately $79,306.56. This trade represents a 25.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 6,795 shares of company stock valued at $229,613. 48.40% of the stock is owned by company insiders.
Institutional Trading of Pegasystems
Several institutional investors and hedge funds have recently modified their holdings of PEGA. NewEdge Advisors LLC raised its position in shares of Pegasystems by 1.4% in the third quarter. NewEdge Advisors LLC now owns 13,652 shares of the technology company’s stock valued at $785,000 after buying an additional 189 shares in the last quarter. Amundi raised its holdings in Pegasystems by 0.6% in the 4th quarter. Amundi now owns 39,881 shares of the technology company’s stock valued at $2,382,000 after acquiring an additional 249 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Pegasystems by 3.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,378 shares of the technology company’s stock valued at $500,000 after acquiring an additional 272 shares during the period. State of Michigan Retirement System grew its holdings in shares of Pegasystems by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 22,000 shares of the technology company’s stock worth $936,000 after purchasing an additional 300 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Pegasystems by 96.5% during the 4th quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock worth $37,000 after purchasing an additional 303 shares in the last quarter. Hedge funds and other institutional investors own 46.89% of the company’s stock.
Pegasystems Company Profile
Pegasystems Inc is a software company specializing in customer engagement and digital process automation solutions. Headquartered in Cambridge, Massachusetts, Pegasystems develops enterprise applications designed to help organizations streamline operations, manage customer interactions and automate complex workflows. Its platform supports a wide range of use cases, from sales and marketing optimization to case management and robotic process automation.
The core of Pegasystems’ offering is the Pega Platform, a low-code development environment that enables businesses to build and deploy applications with minimal hand-coding.
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