Rosenblatt Securities Has Lowered Expectations for Pegasystems (NASDAQ:PEGA) Stock Price

Pegasystems (NASDAQ:PEGA) had its price target cut by research analysts at Rosenblatt Securities from $70.00 to $62.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ target price indicates a potential upside of 62.30% from the stock’s previous close.

A number of other research firms have also recently weighed in on PEGA. KeyCorp set a $60.00 price target on Pegasystems in a report on Thursday. Barclays increased their price target on Pegasystems from $58.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, October 23rd. Royal Bank Of Canada restated an “outperform” rating and set a $80.00 price objective (up from $70.00) on shares of Pegasystems in a report on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Pegasystems in a research report on Monday, December 29th. Finally, DA Davidson raised shares of Pegasystems from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $85.00 in a research report on Wednesday, October 22nd. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.55.

Pegasystems Stock Down 2.7%

NASDAQ:PEGA opened at $38.20 on Friday. The firm’s 50 day moving average is $55.43 and its two-hundred day moving average is $56.32. The company has a market cap of $6.48 billion, a P/E ratio of 25.64 and a beta of 1.07. Pegasystems has a fifty-two week low of $29.84 and a fifty-two week high of $68.10.

Insiders Place Their Bets

In other news, Chairman Alan Trefler sold 45,000 shares of Pegasystems 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 transaction, the chairman directly owned 44,394,454 shares of the company’s stock, valued at $2,176,216,135.08. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Rifat Kerim Akgonul sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $60.19, for a total transaction of $240,760.00. Following the completion of the sale, the insider owned 112,845 shares of the company’s stock, valued at approximately $6,792,140.55. This trade represents a 3.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 108,405 shares of company stock worth $5,896,127 over the last ninety days. 49.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pegasystems

Several institutional investors and hedge funds have recently modified their holdings of PEGA. International Assets Investment Management LLC bought a new position in Pegasystems during the fourth quarter valued at approximately $28,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Pegasystems in the third quarter worth about $28,000. Spire Wealth Management lifted its stake in shares of Pegasystems by 274.2% in the second quarter. Spire Wealth Management now owns 565 shares of the technology company’s stock worth $31,000 after buying an additional 414 shares during the last quarter. Hantz Financial Services Inc. grew its stake in Pegasystems by 321.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 565 shares of the technology company’s stock valued at $32,000 after buying an additional 431 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in Pegasystems during the 3rd quarter worth $33,000. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

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.