Susquehanna Fundamental Investments LLC lowered its stake in shares of Pegasystems Inc. (NASDAQ:PEGA – Free Report) by 62.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 47,574 shares of the technology company’s stock after selling 79,212 shares during the period. Susquehanna Fundamental Investments LLC’s holdings in Pegasystems were worth $1,426,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of PEGA. Hsbc Holdings PLC raised its position in Pegasystems by 280.8% during the second quarter. Hsbc Holdings PLC now owns 49,030 shares of the technology company’s stock valued at $1,460,000 after acquiring an additional 36,155 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Pegasystems during the 2nd quarter worth approximately $2,235,000. Caitlin John LLC purchased a new position in shares of Pegasystems during the 2nd quarter valued at approximately $399,000. Jefferies Financial Group Inc. acquired a new position in shares of Pegasystems in the 2nd quarter valued at $950,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Pegasystems in the 2nd quarter valued at $914,000. Hedge funds and other institutional investors own 46.89% of the company’s stock.
Pegasystems Trading Down 0.4%
Shares of Pegasystems stock opened at $36.68 on Wednesday. The firm has a market capitalization of $6.03 billion, a PE ratio of 20.72 and a beta of 0.89. Pegasystems Inc. has a twelve month low of $25.10 and a twelve month high of $68.10. The firm’s 50-day moving average price is $31.74 and its 200 day moving average price is $36.44.
Pegasystems Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, July 1st. Pegasystems’s payout ratio is 6.78%.
Analyst Upgrades and Downgrades
Several research firms recently commented on PEGA. Citigroup lowered shares of Pegasystems from a “market outperform” rating to a “market perform” rating in a research report on Wednesday, July 22nd. DA Davidson set a $32.00 price target on Pegasystems and gave the company a “buy” rating in a research note on Friday, July 24th. Loop Capital cut Pegasystems from a “buy” rating to a “hold” rating and reduced their price target for the stock from $55.00 to $25.00 in a report on Thursday, July 23rd. KeyCorp lowered Pegasystems from an “overweight” rating to a “sector weight” rating in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada set a $35.00 target price on Pegasystems and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $50.10.
Get Our Latest Research Report on Pegasystems
Insider Activity
In other news, insider Rifat Kerim Akgonul sold 3,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $33.99, for a total value of $101,970.00. Following the completion of the sale, the insider directly owned 108,049 shares in the company, valued at $3,672,585.51. This represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 48.40% of the stock is owned by insiders.
About Pegasystems
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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