Bank of New York Mellon Corp Sells 63,878 Shares of Pegasystems Inc. $PEGA

Bank of New York Mellon Corp cut its stake in shares of Pegasystems Inc. (NASDAQ:PEGA) by 7.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 764,961 shares of the technology company’s stock after selling 63,878 shares during the period. Bank of New York Mellon Corp owned about 0.46% of Pegasystems worth $32,557,000 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 purchased a new position in shares of Pegasystems during the 4th quarter valued at about $28,000. EFG International AG purchased a new stake in Pegasystems in the 4th quarter worth approximately $32,000. Fifth Third Bancorp increased its holdings 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 acquiring an additional 303 shares in the last quarter. 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 worth $42,000 after acquiring an additional 535 shares during the period. 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 worth $42,000 after acquiring an additional 564 shares during the period. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Insider Activity

In related news, CAO Efstathios A. Kouninis sold 750 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $34.75, for a total transaction of $26,062.50. Following the completion of the transaction, the chief accounting officer directly owned 2,894 shares of the company’s stock, valued at approximately $100,566.50. This represents a 20.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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. Insiders have sold a total of 6,795 shares of company stock valued at $229,613 in the last three months. Insiders own 48.40% of the company’s stock.

Pegasystems Price Performance

Pegasystems stock opened at $26.82 on Monday. Pegasystems Inc. has a 1 year low of $25.10 and a 1 year high of $68.10. The firm’s 50 day moving average price is $32.13 and its 200-day moving average price is $39.56. The stock has a market cap of $4.41 billion, a P/E ratio of 15.15 and a beta of 0.87.

Pegasystems (NASDAQ:PEGA) last issued its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). The company had revenue of $420.72 million for the quarter, compared to the consensus estimate of $427.38 million. Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.Pegasystems’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.28 EPS. As a group, equities analysts expect that Pegasystems Inc. will post 1.79 EPS for the current year.

Pegasystems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a $0.03 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 annualized dividend and a yield of 0.4%. Pegasystems’s payout ratio is presently 6.78%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PEGA. Rosenblatt Securities dropped their price target on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday. Citigroup downgraded shares of Pegasystems from a “market outperform” rating to a “market perform” rating in a research report on Wednesday. Citizens Jmp downgraded shares of Pegasystems from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 22nd. KeyCorp lowered Pegasystems from an “overweight” rating to a “sector weight” rating in a research note on Wednesday. Finally, Weiss Ratings cut Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.10.

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.