Pegasystems (NASDAQ:PEGA) Earns “Buy” Rating from Rosenblatt Securities

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reaffirmed by equities researchers at Rosenblatt Securities in a note issued to investors on Wednesday,Benzinga reports. They presently have a $58.00 price target on the technology company’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 69.79% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and issued a $60.00 price objective on shares of Pegasystems in a research report on Thursday, April 23rd. Weiss Ratings cut Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Royal Bank Of Canada restated an “outperform” rating on shares of Pegasystems in a research note on Tuesday. Citizens Jmp reaffirmed a “market outperform” rating and issued a $58.00 price target on shares of Pegasystems in a report on Wednesday. Finally, DA Davidson set a $55.00 price objective on Pegasystems and gave the stock a “buy” rating in a report on Friday, April 17th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.30.

Pegasystems Trading Down 2.7%

Shares of NASDAQ:PEGA opened at $34.16 on Wednesday. The company has a 50 day moving average of $37.46 and a 200 day moving average of $46.01. The stock has a market cap of $5.71 billion, a P/E ratio of 18.37 and a beta of 0.86. Pegasystems has a 12 month low of $32.00 and a 12 month high of $68.10.

Pegasystems (NASDAQ:PEGA) last posted its earnings results on Tuesday, April 21st. The technology company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.22). Pegasystems had a return on equity of 30.05% and a net margin of 20.04%.The firm had revenue of $429.97 million during the quarter, compared to analysts’ expectations of $473.24 million. During the same quarter in the prior year, the company earned $0.76 earnings per share. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, equities analysts forecast that Pegasystems will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Pegasystems

In related news, CAO Efstathios A. Kouninis sold 1,000 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $42.88, for a total transaction of $42,880.00. Following the transaction, the chief accounting officer owned 3,365 shares of the company’s stock, valued at approximately $144,291.20. This trade represents a 22.91% 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 Rifat Kerim Akgonul sold 7,594 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $43.39, for a total transaction of $329,503.66. Following the completion of the sale, the insider directly owned 111,429 shares of the company’s stock, valued at $4,834,904.31. This represents a 6.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 14,639 shares of company stock worth $577,764. 48.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Pegasystems

Institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC increased its stake in Pegasystems by 236.2% in the 2nd quarter. AQR Capital Management LLC now owns 4,037,552 shares of the technology company’s stock worth $217,584,000 after purchasing an additional 2,836,733 shares during the period. State Street Corp boosted its stake in shares of Pegasystems by 255.3% during the second quarter. State Street Corp now owns 2,907,677 shares of the technology company’s stock valued at $157,393,000 after purchasing an additional 2,089,375 shares during the period. American Century Companies Inc. grew its holdings in shares of Pegasystems by 357.6% in the third quarter. American Century Companies Inc. now owns 1,586,793 shares of the technology company’s stock worth $91,241,000 after purchasing an additional 1,239,998 shares during the last quarter. Copeland Capital Management LLC bought a new position in shares of Pegasystems in the first quarter worth approximately $47,817,000. Finally, First Trust Advisors LP increased its stake in shares of Pegasystems by 271.7% in the third quarter. First Trust Advisors LP now owns 1,111,736 shares of the technology company’s stock worth $63,925,000 after buying an additional 812,634 shares during the period. 46.89% of the stock is currently owned by institutional investors.

About Pegasystems

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.