Rosenblatt Securities Issues Pessimistic Forecast for Pegasystems (NASDAQ:PEGA) Stock Price

Pegasystems (NASDAQ:PEGA) had its price objective cut by Rosenblatt Securities from $70.00 to $62.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price target indicates a potential upside of 54.54% from the company’s current price.

Several other equities analysts also recently issued reports on PEGA. Wall Street Zen upgraded Pegasystems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pegasystems in a research note on Monday, December 29th. Royal Bank Of Canada reissued an “outperform” rating and issued a $80.00 price target (up previously from $70.00) on shares of Pegasystems in a research note on Wednesday, October 22nd. Wedbush raised their price target on Pegasystems from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Pegasystems from $65.00 to $74.00 and gave the company an “overweight” rating in a research note on Friday, December 5th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Pegasystems currently has an average rating of “Moderate Buy” and a consensus target price of $70.55.

Pegasystems Stock Performance

Pegasystems stock opened at $40.12 on Friday. Pegasystems has a one year low of $29.84 and a one year high of $68.10. The company has a 50-day simple moving average of $55.14 and a 200-day simple moving average of $56.28. The firm has a market capitalization of $6.81 billion, a P/E ratio of 26.93 and a beta of 1.07.

Insider Activity at Pegasystems

In related news, insider Rifat Kerim Akgonul sold 4,000 shares of Pegasystems stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $60.19, for a total transaction of $240,760.00. Following the transaction, the insider directly owned 112,845 shares of the company’s stock, valued at $6,792,140.55. The trade was a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Alan Trefler sold 45,000 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $49.02, for a total transaction of $2,205,900.00. Following the completion of the sale, the chairman owned 44,394,454 shares in the company, valued at approximately $2,176,216,135.08. This trade represents a 0.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 108,405 shares of company stock valued at $5,896,127 over the last 90 days. 49.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Pegasystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its position in Pegasystems by 23.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,987,291 shares of the technology company’s stock worth $286,769,000 after acquiring an additional 937,216 shares in the last quarter. Vest Financial LLC acquired a new position in shares of Pegasystems during the 3rd quarter worth about $1,515,000. Thrivent Financial for Lutherans raised its holdings in shares of Pegasystems by 1.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,927,576 shares of the technology company’s stock valued at $110,778,000 after purchasing an additional 25,598 shares during the period. Nordea Investment Management AB raised its holdings in shares of Pegasystems by 100.9% in the 2nd quarter. Nordea Investment Management AB now owns 196,065 shares of the technology company’s stock valued at $10,492,000 after purchasing an additional 98,468 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in Pegasystems by 60.3% in the 2nd quarter. Allianz Asset Management GmbH now owns 240,225 shares of the technology company’s stock valued at $13,003,000 after purchasing an additional 90,404 shares during the last quarter. 46.89% of the stock is owned by institutional investors and hedge funds.

Pegasystems Company Profile

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.