Kornitzer Capital Management Inc. KS Decreases Stake in Pegasystems Inc. $PEGA

Kornitzer Capital Management Inc. KS reduced its position in shares of Pegasystems Inc. (NASDAQ:PEGA) by 20.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 95,185 shares of the technology company’s stock after selling 24,625 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Pegasystems were worth $5,473,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. NewEdge Advisors LLC boosted its holdings in shares of Pegasystems by 141,900.0% during the 1st quarter. NewEdge Advisors LLC now owns 4,260 shares of the technology company’s stock valued at $296,000 after buying an additional 4,257 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Pegasystems by 450.4% in the first quarter. Jones Financial Companies Lllp now owns 1,844 shares of the technology company’s stock worth $128,000 after purchasing an additional 1,509 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Pegasystems by 5.6% during the first quarter. Goldman Sachs Group Inc. now owns 248,168 shares of the technology company’s stock valued at $17,253,000 after purchasing an additional 13,075 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Pegasystems by 18.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 155,783 shares of the technology company’s stock worth $10,830,000 after buying an additional 23,713 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in shares of Pegasystems by 55.0% in the 1st quarter. Focus Partners Wealth now owns 5,476 shares of the technology company’s stock worth $381,000 after buying an additional 1,943 shares during the last quarter. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, Chairman Alan Trefler sold 45,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $49.02, for a total value of $2,205,900.00. Following the completion of the sale, the chairman directly owned 44,394,454 shares in the company, valued at $2,176,216,135.08. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rifat Kerim Akgonul sold 4,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $60.19, for a total value of $240,760.00. Following the transaction, the insider directly owned 112,845 shares in the company, valued at approximately $6,792,140.55. The trade was a 3.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 164,847 shares of company stock valued at $9,308,941 in the last three months. Company insiders own 50.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PEGA. Wall Street Zen downgraded Pegasystems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 22nd. Wedbush increased their price objective on Pegasystems from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Rosenblatt Securities boosted their target price on Pegasystems from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. DA Davidson raised shares of Pegasystems from a “neutral” rating to a “buy” rating and raised their price target for the company from $60.00 to $85.00 in a report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Pegasystems in a research note on Monday, December 29th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Pegasystems currently has an average rating of “Moderate Buy” and an average price target of $70.05.

Pegasystems Stock Down 1.9%

Shares of NASDAQ:PEGA opened at $49.80 on Wednesday. The firm has a fifty day simple moving average of $57.03 and a two-hundred day simple moving average of $56.80. Pegasystems Inc. has a 52 week low of $29.84 and a 52 week high of $68.10. The stock has a market capitalization of $8.45 billion, a P/E ratio of 33.42 and a beta of 1.08.

Pegasystems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, January 2nd were given a dividend of $0.03 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.2%. Pegasystems’s payout ratio is 8.05%.

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.