Pegasystems (NASDAQ:PEGA) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Pegasystems (NASDAQ:PEGA) in a research report released on Thursday,Benzinga reports. They currently have a $58.00 price target on the technology company’s stock.

PEGA has been the subject of a number of other research reports. DA Davidson restated a “buy” rating and set a $55.00 price objective on shares of Pegasystems in a report on Wednesday, June 10th. Citigroup reiterated a “market outperform” rating on shares of Pegasystems in a research report on Wednesday, June 10th. Zacks Research cut shares of Pegasystems from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Wedbush restated an “outperform” rating and issued a $60.00 target price on shares of Pegasystems in a research note on Thursday, April 23rd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Pegasystems in a research report on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.30.

Pegasystems Trading Up 5.2%

Shares of PEGA opened at $32.92 on Thursday. The company’s fifty day simple moving average is $32.74 and its 200-day simple moving average is $40.86. The company has a market cap of $5.50 billion, a P/E ratio of 17.70 and a beta of 0.87. Pegasystems has a twelve month low of $28.66 and a twelve month high of $68.10.

Pegasystems (NASDAQ:PEGA) last issued its quarterly earnings results on Tuesday, April 21st. The technology company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.22). The firm had revenue of $429.97 million for the quarter, compared to the consensus estimate of $473.24 million. Pegasystems had a net margin of 20.04% and a return on equity of 30.05%. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.76 earnings per share. Analysts predict that Pegasystems will post 1.93 earnings per share for the current fiscal year.

Pegasystems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a $0.03 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. Pegasystems’s payout ratio is currently 6.45%.

Insider Activity

In related news, insider Rifat Kerim Akgonul sold 4,545 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $33.35, for a total transaction of $151,575.75. Following the completion of the sale, the insider owned 107,070 shares of the company’s stock, valued at $3,570,784.50. This represents a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Efstathios A. Kouninis sold 750 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $36.99, for a total transaction of $27,742.50. Following the completion of the sale, the chief accounting officer owned 2,144 shares of the company’s stock, valued at approximately $79,306.56. This trade represents a 25.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 6,795 shares of company stock valued at $229,613. Insiders own 48.40% of the company’s stock.

Institutional Trading of Pegasystems

Institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in Pegasystems during the 4th quarter valued at about $28,000. EFG International AG acquired a new stake in Pegasystems in the fourth quarter worth about $32,000. Fifth Third Bancorp boosted its holdings in Pegasystems by 96.5% in the fourth quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock worth $37,000 after acquiring an additional 303 shares in the last quarter. Signature Equity Partners LLC grew its stake in shares of Pegasystems by 302.2% during the first quarter. Signature Equity Partners LLC now owns 929 shares of the technology company’s stock worth $40,000 after acquiring an additional 698 shares during the last quarter. Finally, Bayforest Capital Ltd grew its stake in shares of Pegasystems by 316.6% during the fourth quarter. Bayforest Capital Ltd now owns 704 shares of the technology company’s stock worth $42,000 after acquiring an additional 535 shares during the last quarter. Institutional investors and hedge funds own 46.89% of the company’s stock.

About Pegasystems

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.