Wellington Management Group LLP Sells 1,738,630 Shares of Pegasystems Inc. $PEGA

Wellington Management Group LLP cut its holdings in Pegasystems Inc. (NASDAQ:PEGA) by 64.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 950,495 shares of the technology company’s stock after selling 1,738,630 shares during the period. Wellington Management Group LLP’s holdings in Pegasystems were worth $28,486,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in shares of Pegasystems during the 4th quarter valued at about $28,000. EFG International AG bought a new stake in Pegasystems in the fourth quarter worth approximately $32,000. Fifth Third Bancorp increased its holdings in Pegasystems by 96.5% in the fourth 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. Signature Equity Partners LLC lifted its stake in Pegasystems by 302.2% in the first quarter. Signature Equity Partners LLC now owns 929 shares of the technology company’s stock valued at $40,000 after buying an additional 698 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Pegasystems in the second quarter valued at approximately $41,000. 46.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays reaffirmed an “overweight” rating and set a $39.00 price objective (down from $48.00) on shares of Pegasystems in a research report on Thursday, July 23rd. Rosenblatt Securities dropped their target price on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Citigroup lowered shares of Pegasystems from a “market outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Loop Capital cut shares of 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. Finally, Citizens Jmp downgraded shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $50.10.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, CAO Efstathios Kouninis sold 1,063 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $38.75, for a total transaction of $41,191.25. Following the transaction, the chief accounting officer owned 1,164 shares in the company, valued at approximately $45,105. This represents a 47.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kerim Akgonul sold 3,000 shares of Pegasystems stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $33.99, for a total transaction of $101,970.00. Following the transaction, the insider owned 108,049 shares of the company’s stock, valued at $3,672,585.51. This represents a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 4,813 shares of company stock worth $167,394. Corporate insiders own 48.40% of the company’s stock.

Pegasystems Stock Performance

Shares of Pegasystems stock opened at $37.36 on Friday. Pegasystems Inc. has a 52 week low of $25.10 and a 52 week high of $68.10. The stock has a 50 day moving average price of $32.20 and a two-hundred day moving average price of $36.38. The stock has a market capitalization of $6.14 billion, a PE ratio of 21.11 and a beta of 0.89.

Pegasystems (NASDAQ:PEGA) last released its quarterly earnings data on Tuesday, July 21st. The technology company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.08). Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The firm had revenue of $420.72 million for the quarter, compared to the consensus estimate of $427.38 million. During the same quarter in the prior year, the firm earned $0.28 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. Research analysts forecast that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Wednesday, July 1st. Pegasystems’s payout ratio is 6.78%.

Pegasystems 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.