Wedbush Lowers Pegasystems (NASDAQ:PEGA) Price Target to $68.00

Pegasystems (NASDAQ:PEGA) had its price target cut by equities researchers at Wedbush to $68.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Wedbush’s target price suggests a potential upside of 31.43% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Royal Bank Of Canada reissued an “outperform” rating and set a $60.00 price objective on shares of Pegasystems in a report on Tuesday, June 3rd. KeyCorp decreased their price objective on shares of Pegasystems from $59.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. DA Davidson raised their price objective on shares of Pegasystems from $47.50 to $50.00 and gave the stock a “neutral” rating in a report on Friday, June 20th. Loop Capital raised their price objective on shares of Pegasystems from $52.50 to $60.00 and gave the stock a “buy” rating in a report on Monday, June 30th. Finally, Citigroup reissued a “buy” rating and set a $66.00 price objective on shares of Pegasystems in a report on Wednesday, June 25th. Three 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.55.

Pegasystems Price Performance

PEGA traded up $0.83 during trading hours on Tuesday, reaching $51.74. 327,017 shares of the stock traded hands, compared to its average volume of 1,976,625. The firm’s fifty day simple moving average is $50.53 and its two-hundred day simple moving average is $45.35. The company has a market cap of $8.86 billion, a price-to-earnings ratio of 50.23 and a beta of 1.13. Pegasystems has a fifty-two week low of $29.52 and a fifty-two week high of $56.83.

Insider Activity at Pegasystems

In other Pegasystems news, Chairman Alan Trefler sold 45,000 shares of the business’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $53.34, for a total transaction of $2,400,300.00. Following the sale, the chairman directly owned 33,051,692 shares in the company, valued at approximately $1,762,977,251.28. The trade was a 0.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Efstathios A. Kouninis sold 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $49.63, for a total transaction of $49,625.00. The disclosure for this sale can be found here. Insiders sold 288,530 shares of company stock worth $15,866,676 in the last three months. Insiders own 49.70% of the company’s stock.

Institutional Trading of Pegasystems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Treasurer of the State of North Carolina raised its holdings in shares of Pegasystems by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 19,597 shares of the technology company’s stock worth $1,826,000 after purchasing an additional 120 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Pegasystems by 2.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,875 shares of the technology company’s stock worth $548,000 after purchasing an additional 139 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Pegasystems by 85.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 323 shares of the technology company’s stock worth $30,000 after purchasing an additional 149 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Pegasystems by 5.3% in the 1st quarter. Amalgamated Bank now owns 3,060 shares of the technology company’s stock worth $213,000 after purchasing an additional 153 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in shares of Pegasystems by 4.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 4,586 shares of the technology company’s stock worth $427,000 after purchasing an additional 196 shares in the last quarter. 46.89% of the stock is currently owned by institutional investors.

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.