Pegasystems (NASDAQ:PEGA) Downgraded by Citizens Jmp to “Market Perform”

Pegasystems (NASDAQ:PEGA) was downgraded by stock analysts at Citizens Jmp from an “outperform” rating to a “market perform” rating in a research report issued on Wednesday.

A number of other brokerages have also weighed in on PEGA. Weiss Ratings lowered Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Rosenblatt Securities restated a “buy” rating and set a $58.00 target price on shares of Pegasystems in a report on Thursday, July 16th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Pegasystems in a research note on Thursday, April 23rd. Citigroup cut shares of Pegasystems from a “market outperform” rating to a “market perform” rating in a report on Wednesday. Finally, Zacks Research downgraded shares of Pegasystems from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.30.

Pegasystems Trading Down 2.4%

PEGA stock opened at $30.94 on Wednesday. The firm’s 50-day moving average price is $32.55 and its two-hundred day moving average price is $40.24. The stock has a market capitalization of $5.17 billion, a price-to-earnings ratio of 16.63 and a beta of 0.87. Pegasystems has a 12-month low of $28.66 and a 12-month high of $68.10.

Pegasystems (NASDAQ:PEGA) last posted its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.08). Pegasystems had a return on equity of 30.05% and a net margin of 20.04%.The business had revenue of $420.72 million during the quarter, compared to the consensus estimate of $427.38 million. During the same period in the previous year, the business earned $0.28 earnings per share. Equities analysts predict that Pegasystems will post 1.93 EPS for the current year.

Insider Buying and Selling

In other news, CAO Efstathios A. Kouninis sold 750 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $34.75, for a total value of $26,062.50. Following the completion of the transaction, the chief accounting officer owned 2,894 shares in the company, valued at $100,566.50. This trade represents a 20.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Rifat Kerim Akgonul sold 4,545 shares of Pegasystems stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $33.35, for a total value of $151,575.75. Following the sale, the insider owned 107,070 shares in the company, valued at $3,570,784.50. This represents a 4.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,795 shares of company stock worth $229,613 in the last quarter. Company insiders own 48.40% of the company’s stock.

Hedge Funds Weigh In On Pegasystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in PEGA. Norges Bank bought a new stake in Pegasystems during the fourth quarter worth about $31,905,000. Fisher Asset Management LLC increased its stake in shares of Pegasystems by 3.0% during the fourth quarter. Fisher Asset Management LLC now owns 1,170,377 shares of the technology company’s stock valued at $69,895,000 after purchasing an additional 33,643 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Pegasystems by 117.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 814,062 shares of the technology company’s stock valued at $34,427,000 after purchasing an additional 439,417 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Pegasystems by 259.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 411,262 shares of the technology company’s stock worth $26,144,000 after purchasing an additional 296,916 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Pegasystems by 58.6% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 137,302 shares of the technology company’s stock worth $5,844,000 after purchasing an additional 50,716 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.