Allspring Global Investments Holdings LLC Acquires 439,417 Shares of Pegasystems Inc. $PEGA

Allspring Global Investments Holdings LLC boosted its holdings in Pegasystems Inc. (NASDAQ:PEGA) by 117.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 814,062 shares of the technology company’s stock after buying an additional 439,417 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.49% of Pegasystems worth $34,427,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC bought a new position in Pegasystems during the fourth quarter valued at approximately $28,000. EFG International AG bought a new stake in Pegasystems in the 4th quarter worth approximately $32,000. Fifth Third Bancorp grew its position in Pegasystems by 96.5% in the 4th quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock worth $37,000 after purchasing an additional 303 shares during the period. Bayforest Capital Ltd raised its stake in Pegasystems by 316.6% during the 4th quarter. Bayforest Capital Ltd now owns 704 shares of the technology company’s stock valued at $42,000 after buying an additional 535 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in Pegasystems by 386.3% during the 4th quarter. Brown Brothers Harriman & Co. now owns 710 shares of the technology company’s stock valued at $42,000 after buying an additional 564 shares during the last quarter. Institutional investors own 46.89% of the company’s stock.

Insider Buying and Selling at Pegasystems

In other news, CAO Efstathios A. Kouninis sold 750 shares of Pegasystems stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $36.99, for a total value of $27,742.50. Following the sale, the chief accounting officer directly owned 2,144 shares of the company’s stock, valued at approximately $79,306.56. The trade was a 25.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $151,575.75. Following the transaction, the insider directly owned 107,070 shares of the company’s stock, valued at approximately $3,570,784.50. The trade was a 4.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 6,795 shares of company stock worth $229,613. Corporate insiders own 48.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PEGA. Weiss Ratings downgraded Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. DA Davidson reissued a “buy” rating and issued a $55.00 target price on shares of Pegasystems in a report on Wednesday, June 10th. Zacks Research cut Pegasystems from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Royal Bank Of Canada restated an “outperform” rating on shares of Pegasystems in a research note on Tuesday, June 9th. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 price target on shares of Pegasystems in a research report on Thursday, April 23rd. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.30.

Pegasystems Stock Performance

Shares of PEGA stock opened at $32.16 on Monday. The stock has a fifty day simple moving average of $32.67 and a two-hundred day simple moving average of $40.65. The firm has a market capitalization of $5.37 billion, a PE ratio of 17.29 and a beta of 0.87. Pegasystems Inc. has a 52-week low of $28.66 and a 52-week high of $68.10.

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

Pegasystems Dividend Announcement

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

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.