Pegasystems (NASDAQ:PEGA) Price Target Raised to $50.00 at DA Davidson

Pegasystems (NASDAQ:PEGA) had its target price hoisted by DA Davidson from $47.50 to $50.00 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

PEGA has been the subject of a number of other reports. Barclays upped their target price on Pegasystems from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 4th. Wall Street Zen raised Pegasystems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 6th. Citigroup increased their price objective on shares of Pegasystems from $116.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $120.00 target price on shares of Pegasystems in a report on Tuesday, June 3rd. Finally, KeyCorp dropped their target price on shares of Pegasystems from $118.00 to $94.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.09.

Pegasystems Trading Down 1.8%

NASDAQ PEGA opened at $99.21 on Friday. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 48.16 and a beta of 1.11. The company has a 50 day moving average of $93.04 and a 200-day moving average of $89.51. Pegasystems has a 1-year low of $56.61 and a 1-year high of $113.67.

Pegasystems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.12%. This is a boost from Pegasystems’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Tuesday, July 1st. Pegasystems’s dividend payout ratio is currently 5.83%.

Insider Activity at Pegasystems

In other Pegasystems news, CAO Efstathios A. Kouninis sold 658 shares of the company’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $89.90, for a total value of $59,154.20. Following the completion of the transaction, the chief accounting officer now owns 1,000 shares of the company’s stock, valued at $89,900. This represents a 39.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Alan Trefler sold 31,500 shares of Pegasystems stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $68.41, for a total value of $2,154,915.00. Following the sale, the chairman now directly owns 17,184,614 shares in the company, valued at $1,175,599,443.74. The trade was a 0.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,515 shares of company stock valued at $12,374,086 in the last quarter. Insiders own 49.70% of the company’s stock.

Institutional Investors Weigh In On Pegasystems

Several hedge funds have recently added to or reduced their stakes in PEGA. Principal Securities Inc. raised its stake in shares of Pegasystems by 150.5% during the fourth quarter. Principal Securities Inc. now owns 278 shares of the technology company’s stock valued at $26,000 after acquiring an additional 167 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Pegasystems by 85.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 323 shares of the technology company’s stock valued at $30,000 after purchasing an additional 149 shares during the period. CX Institutional bought a new position in Pegasystems during the 1st quarter worth $36,000. SBI Securities Co. Ltd. lifted its holdings in Pegasystems by 139.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 549 shares of the technology company’s stock worth $38,000 after buying an additional 320 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Pegasystems by 50.5% in the 1st quarter. GAMMA Investing LLC now owns 599 shares of the technology company’s stock valued at $42,000 after buying an additional 201 shares during the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

About Pegasystems

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.