Pegasystems Inc. $PEGA Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH trimmed its holdings in Pegasystems Inc. (NASDAQ:PEGA) by 43.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 134,871 shares of the technology company’s stock after selling 105,354 shares during the period. Allianz Asset Management GmbH owned 0.08% of Pegasystems worth $7,755,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. purchased a new stake in shares of Pegasystems in the third quarter valued at approximately $28,000. Spire Wealth Management boosted its stake in Pegasystems by 274.2% during the second quarter. Spire Wealth Management now owns 565 shares of the technology company’s stock worth $31,000 after buying an additional 414 shares during the last quarter. Mather Group LLC. purchased a new stake in Pegasystems in the 3rd quarter valued at $33,000. Blue Trust Inc. increased its stake in shares of Pegasystems by 902.9% in the 3rd quarter. Blue Trust Inc. now owns 682 shares of the technology company’s stock worth $39,000 after acquiring an additional 614 shares during the last quarter. Finally, MAI Capital Management raised its holdings in shares of Pegasystems by 124.5% during the 2nd quarter. MAI Capital Management now owns 696 shares of the technology company’s stock worth $38,000 after acquiring an additional 386 shares during the period. 46.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PEGA. Wall Street Zen raised shares of Pegasystems from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 31st. DA Davidson raised shares of Pegasystems from a “neutral” rating to a “buy” rating and increased their price target for the company from $60.00 to $85.00 in a research note on Wednesday, October 22nd. KeyCorp set a $60.00 price target on shares of Pegasystems in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on Pegasystems from $65.00 to $74.00 and gave the company an “overweight” rating in a report on Friday, December 5th. Finally, Barclays raised their target price on Pegasystems from $58.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 23rd. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.55.

Insider Activity

In related news, CFO Kenneth Stillwell sold 14,405 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $57.87, for a total transaction of $833,617.35. Following the transaction, the chief financial officer directly owned 131,621 shares in the company, valued at $7,616,907.27. This trade represents a 9.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Alan Trefler sold 45,000 shares of the firm’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 transaction, the chairman directly owned 44,394,454 shares in the company, valued at $2,176,216,135.08. This represents a 0.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 108,405 shares of company stock valued at $5,896,127. 50.10% of the stock is currently owned by company insiders.

Pegasystems Stock Performance

PEGA opened at $41.84 on Tuesday. The company has a market cap of $7.10 billion, a P/E ratio of 28.08 and a beta of 1.07. Pegasystems Inc. has a one year low of $29.84 and a one year high of $68.10. The business’s 50-day simple moving average is $54.88 and its 200-day simple moving average is $56.15.

Pegasystems Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, January 2nd. Pegasystems’s payout ratio is presently 8.05%.

Pegasystems 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.