Citigroup Issues Pessimistic Forecast for Pegasystems (NASDAQ:PEGA) Stock Price

Pegasystems (NASDAQ:PEGA) had its price target decreased by Citigroup from $55.00 to $52.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s target price would indicate a potential upside of 51.25% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Zacks Research raised shares of Pegasystems from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 22nd. Royal Bank Of Canada set a $35.00 price objective on Pegasystems and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Pegasystems in a research report on Tuesday, September 1st. Loop Capital cut Pegasystems from a “buy” rating to a “hold” rating and reduced their price objective for the company from $55.00 to $25.00 in a research report on Thursday, July 23rd. Finally, William Blair downgraded Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $45.90.

Pegasystems Stock Performance

Shares of NASDAQ PEGA traded down $0.53 during mid-day trading on Tuesday, reaching $34.38. The company had a trading volume of 1,877,360 shares, compared to its average volume of 2,322,946. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 19.42 and a beta of 0.89. The stock has a fifty day moving average of $34.63 and a two-hundred day moving average of $34.68. Pegasystems has a 12-month low of $25.10 and a 12-month high of $68.10.

Pegasystems (NASDAQ:PEGA) last announced its quarterly earnings data on Tuesday, July 21st. The technology company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). The company had revenue of $420.72 million for the quarter, compared to analysts’ expectations of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 earnings per share. Sell-side analysts forecast that Pegasystems will post 1.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Pegasystems

In related news, CAO Efstathios Kouninis sold 1,063 shares of Pegasystems stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $38.75, for a total value of $41,191.25. Following the completion of the sale, the chief accounting officer owned 1,164 shares of the company’s stock, valued at approximately $45,105. The trade was a 47.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kerim Akgonul sold 7,000 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $36.03, for a total value of $252,210.00. Following the completion of the sale, the insider directly owned 104,804 shares of the company’s stock, valued at $3,776,088.12. This represents a 6.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,672 shares of company stock worth $1,921,657 over the last quarter. Company insiders own 48.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PEGA. BlackRock Inc. acquired a new position in shares of Pegasystems during the second quarter worth approximately $286,923,000. First Trust Advisors LP boosted its position in shares of Pegasystems by 44.4% in the first quarter. First Trust Advisors LP now owns 2,048,599 shares of the technology company’s stock valued at $87,188,000 after acquiring an additional 630,023 shares during the period. Copeland Capital Management LLC acquired a new stake in shares of Pegasystems in the first quarter worth $47,817,000. Ranger Investment Management L.P. grew its stake in shares of Pegasystems by 15.6% in the first quarter. Ranger Investment Management L.P. now owns 1,052,849 shares of the technology company’s stock worth $44,809,000 after acquiring an additional 141,873 shares during the last quarter. Finally, Sei Investments Co. increased its position in Pegasystems by 52.9% during the first quarter. Sei Investments Co. now owns 1,052,205 shares of the technology company’s stock worth $44,782,000 after acquiring an additional 363,896 shares during the period. Institutional investors and hedge funds own 46.89% of the company’s stock.

About Pegasystems

Pegasystems Inc is an enterprise software company that develops applications for customer engagement, business process management and workflow automation. Its software is designed to help organizations manage complex operations, improve customer service and automate decision-making across departments and channels.

The company’s product portfolio includes Pega Platform, a low-code application development and process automation platform, as well as solutions for customer relationship management, customer service, sales automation, marketing, fraud detection and case management.