Rosenblatt Securities Cuts Pegasystems (NASDAQ:PEGA) Price Target to $47.00

Pegasystems (NASDAQ:PEGA) had its target price decreased by Rosenblatt Securities from $58.00 to $47.00 in a report released on Thursday morning, MarketBeat.com reports. Rosenblatt Securities currently has a buy rating on the technology company’s stock.

Several other research firms have also weighed in on PEGA. Weiss Ratings lowered Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Zacks Research lowered Pegasystems from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. Citigroup cut Pegasystems from a “market outperform” rating to a “market perform” rating in a research note on Wednesday. DA Davidson reiterated a “buy” rating and issued a $55.00 target price on shares of Pegasystems in a report on Wednesday, June 10th. Finally, William Blair lowered shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $50.10.

Pegasystems Stock Performance

NASDAQ PEGA opened at $26.82 on Thursday. The firm’s 50 day moving average price is $32.13 and its two-hundred day moving average price is $39.70. Pegasystems has a twelve month low of $25.10 and a twelve month high of $68.10. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 15.15 and a beta of 0.87.

Pegasystems (NASDAQ:PEGA) last released its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). The business had revenue of $420.72 million during the quarter, compared to analysts’ expectations of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. Pegasystems’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.28 EPS. On average, research analysts forecast that Pegasystems will post 1.79 EPS for the current fiscal year.

Pegasystems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 1st. Pegasystems’s dividend payout ratio (DPR) is currently 6.78%.

Insider Buying and Selling at Pegasystems

In related news, insider Rifat Kerim Akgonul sold 4,545 shares of Pegasystems stock in a transaction on Tuesday, May 19th. The stock was 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 approximately $3,570,784.50. This trade represents a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Efstathios A. Kouninis sold 750 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $36.99, for a total value of $27,742.50. Following the completion of the transaction, the chief accounting officer owned 2,144 shares in the company, valued at $79,306.56. This trade represents a 25.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 6,795 shares of company stock valued at $229,613. 48.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pegasystems

Large investors have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its holdings in Pegasystems by 1.4% during the 3rd quarter. NewEdge Advisors LLC now owns 13,652 shares of the technology company’s stock valued at $785,000 after purchasing an additional 189 shares during the last quarter. Amundi boosted its position in Pegasystems by 0.6% in the fourth quarter. Amundi now owns 39,881 shares of the technology company’s stock valued at $2,382,000 after buying an additional 249 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Pegasystems by 3.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,378 shares of the technology company’s stock worth $500,000 after buying an additional 272 shares during the last quarter. State of Michigan Retirement System grew its stake in Pegasystems by 1.4% during the first quarter. State of Michigan Retirement System now owns 22,000 shares of the technology company’s stock worth $936,000 after buying an additional 300 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Pegasystems by 96.5% during the fourth quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock worth $37,000 after buying an additional 303 shares in the last quarter. Institutional investors 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.