Pegasystems (NASDAQ:PEGA – Get Free Report) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.
Several other research analysts have also recently weighed in on PEGA. DA Davidson upped their price objective on Pegasystems from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Citigroup upped their price objective on Pegasystems from $87.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Rosenblatt Securities upped their price objective on Pegasystems from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Barclays upped their target price on Pegasystems from $69.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, JMP Securities upgraded Pegasystems from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Pegasystems presently has an average rating of “Moderate Buy” and a consensus target price of $83.60.
Read Our Latest Report on Pegasystems
Pegasystems Trading Up 2.1 %
Pegasystems (NASDAQ:PEGA – Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.30. The company had revenue of $351.20 million during the quarter, compared to analysts’ expectations of $323.55 million. Pegasystems had a return on equity of 49.62% and a net margin of 8.72%. Pegasystems’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.41) earnings per share. Sell-side analysts forecast that Pegasystems will post 1.54 earnings per share for the current year.
Insider Buying and Selling at Pegasystems
In other Pegasystems news, Director Richard H. Jones sold 15,271 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $69.25, for a total value of $1,057,516.75. Following the sale, the director now owns 371,787 shares in the company, valued at $25,746,249.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Rifat Kerim Akgonul sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the transaction, the insider now owns 50,505 shares of the company’s stock, valued at approximately $3,535,350. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard H. Jones sold 15,271 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $69.25, for a total value of $1,057,516.75. Following the completion of the transaction, the director now directly owns 371,787 shares in the company, valued at $25,746,249.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,955 shares of company stock worth $3,206,247 over the last 90 days. Company insiders own 50.10% of the company’s stock.
Hedge Funds Weigh In On Pegasystems
Several institutional investors and hedge funds have recently made changes to their positions in the company. Bares Capital Management Inc. grew its position in shares of Pegasystems by 1.6% in the fourth quarter. Bares Capital Management Inc. now owns 5,862,346 shares of the technology company’s stock valued at $286,434,000 after purchasing an additional 90,993 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Pegasystems by 4.9% in the first quarter. Vanguard Group Inc. now owns 5,369,237 shares of the technology company’s stock valued at $347,067,000 after purchasing an additional 250,273 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Pegasystems in the second quarter valued at approximately $67,968,000. Luxor Capital Group LP grew its position in shares of Pegasystems by 7.9% in the second quarter. Luxor Capital Group LP now owns 683,939 shares of the technology company’s stock valued at $41,399,000 after purchasing an additional 49,861 shares during the last quarter. Finally, Ranger Investment Management L.P. grew its position in shares of Pegasystems by 29.9% in the fourth quarter. Ranger Investment Management L.P. now owns 625,471 shares of the technology company’s stock valued at $30,561,000 after purchasing an additional 143,986 shares during the last quarter. Institutional investors and hedge funds own 46.89% of the company’s stock.
Pegasystems Company Profile
Pegasystems Inc develops, markets, licenses, hosts, and supports enterprise software in the United States, rest of the Americas, the United Kingdom, rest of Europe, the Middle East, Africa, and the Asia-Pacific. The company provides Pega Infinity, a software portfolio comprising of Pega Customer Decision Hub, a real-time AI-powered decision engine to enhance customer acquisition and experiences across inbound, outbound, and paid media channels; Pega Customer Service to anticipate customer needs, connect customers to people and systems, and automate customer interactions to evolve the customer service experience, as well as to allow enterprises to deliver interactions across channels and enhance employee productivity; and Pega Platform, an intelligent automation software for increasing efficiency of clients' processes and workflows.
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