Pegasystems’ (PEGA) Buy Rating Reiterated at Citigroup

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reaffirmed by analysts at Citigroup in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. They currently have a $66.00 price target on the technology company’s stock. Citigroup’s price objective suggests a potential upside of 26.44% from the stock’s current price.

A number of other brokerages have also recently commented on PEGA. Wall Street Zen raised Pegasystems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 6th. KeyCorp lowered their price target on Pegasystems from $59.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $60.00 price objective on shares of Pegasystems in a report on Tuesday, June 3rd. Loop Capital reissued a “buy” rating and issued a $52.50 price objective (up previously from $42.50) on shares of Pegasystems in a report on Thursday, April 24th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $56.00 price objective on shares of Pegasystems in a report on Tuesday. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Pegasystems has a consensus rating of “Moderate Buy” and an average price target of $53.36.

Pegasystems Trading Up 3.2%

Shares of PEGA stock traded up $1.63 on Wednesday, reaching $52.20. 1,774,460 shares of the company’s stock were exchanged, compared to its average volume of 1,549,399. Pegasystems has a 52 week low of $28.31 and a 52 week high of $56.84. The stock has a market capitalization of $8.93 billion, a PE ratio of 50.68 and a beta of 1.11. The company’s fifty day simple moving average is $47.50 and its 200 day simple moving average is $44.80.

Insider Buying and Selling

In related news, Chairman Alan Trefler sold 63,000 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $34.21, for a total transaction of $2,154,915.00. Following the completion of the sale, the chairman now directly owns 34,369,228 shares in the company, valued at approximately $1,175,599,443.74. This trade represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kenneth Stillwell sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $34.88, for a total transaction of $139,500.00. Following the sale, the chief financial officer now owns 42,490 shares of the company’s stock, valued at approximately $1,481,838.75. The trade was a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 306,530 shares of company stock worth $15,550,231. Insiders own 49.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Principal Securities Inc. boosted its stake in Pegasystems by 150.5% during the fourth quarter. Principal Securities Inc. now owns 278 shares of the technology company’s stock worth $26,000 after buying an additional 167 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of 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 purchased a new position in shares of Pegasystems in the first quarter valued at approximately $36,000. SBI Securities Co. Ltd. boosted its stake in shares of Pegasystems by 139.7% in the first quarter. SBI Securities Co. Ltd. now owns 549 shares of the technology company’s stock valued at $38,000 after purchasing an additional 320 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Pegasystems by 50.5% in the first quarter. GAMMA Investing LLC now owns 599 shares of the technology company’s stock valued at $42,000 after purchasing an additional 201 shares during the period. Hedge funds and other institutional investors own 46.89% of the company’s stock.

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.