Pegasystems (NASDAQ:PEGA) Stock Keeps Buy Rating at Rosenblatt Securities

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a note issued to investors on Thursday, Benzinga reports. They presently have a $47.00 target price on the technology company’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 38.93% from the stock’s current price.

A number of other analysts have also recently commented on PEGA. KeyCorp cut Pegasystems from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, July 22nd. Zacks Research raised Pegasystems from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 22nd. DA Davidson cut Pegasystems from a “buy” rating to a “neutral” rating and set a $32.00 target price for the company. in a research report on Monday, September 28th. Citizens Jmp downgraded Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Citigroup dropped their price target on Pegasystems from $55.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday. Five equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $45.90.

Pegasystems Price Performance

Shares of PEGA opened at $33.83 on Thursday. Pegasystems has a 1-year low of $25.10 and a 1-year high of $68.10. The stock has a market cap of $5.56 billion, a PE ratio of 29.39 and a beta of 0.89. The firm has a fifty day moving average price of $34.72 and a 200 day moving average price of $34.57.

Pegasystems (NASDAQ:PEGA) last released its quarterly earnings data 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). The company had revenue of $420.72 million during the quarter, compared to analyst estimates of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The business’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. As a group, equities analysts expect that Pegasystems will post 1.69 EPS for the current fiscal year.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, CAO Efstathios A. Kouninis sold 982 shares of Pegasystems stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $37.35, for a total value of $36,677.70. Following the transaction, the chief accounting officer directly owned 1,009 shares in the company, valued at approximately $37,686.15. The trade was a 49.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kenneth Stillwell sold 39,627 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $35.77, for a total transaction of $1,417,457.79. Following the completion of the sale, the chief financial officer directly owned 95,225 shares of the company’s stock, valued at $3,406,198.25. The trade was a 29.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 53,672 shares of company stock worth $1,921,657 in the last quarter. 48.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pegasystems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Pegasystems during the 2nd quarter valued at approximately $1,770,000. Sei Investments Co. lifted its position in Pegasystems by 52.9% during the 1st 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. Allspring Global Investments Holdings LLC lifted its position in Pegasystems by 117.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 814,062 shares of the technology company’s stock worth $34,427,000 after acquiring an additional 439,417 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its stake 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 valued at $5,844,000 after purchasing an additional 50,716 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Pegasystems during the second quarter worth approximately $18,232,000. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Pegasystems Company Profile

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.