Empowered Funds LLC Acquires New Holdings in Pegasystems Inc. $PEGA

Empowered Funds LLC acquired a new position in Pegasystems Inc. (NASDAQ:PEGA) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,646 shares of the technology company’s stock, valued at approximately $2,235,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. NewEdge Advisors LLC raised its position in shares of Pegasystems by 1.4% during the 3rd quarter. NewEdge Advisors LLC now owns 13,652 shares of the technology company’s stock worth $785,000 after buying an additional 189 shares in the last quarter. Amundi boosted its holdings in shares of 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 acquiring an additional 249 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Pegasystems by 3.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,378 shares of the technology company’s stock valued at $500,000 after acquiring an additional 272 shares in the last quarter. State of Michigan Retirement System increased its stake in shares of Pegasystems by 1.4% during the first quarter. State of Michigan Retirement System now owns 22,000 shares of the technology company’s stock valued at $936,000 after acquiring an additional 300 shares during the period. Finally, Fifth Third Bancorp increased its stake in shares of Pegasystems by 96.5% during the fourth quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock valued at $37,000 after acquiring an additional 303 shares during the period. Institutional investors own 46.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Citizens Jmp cut Pegasystems from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 22nd. Rosenblatt Securities decreased their price target on Pegasystems from $58.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. William Blair cut Pegasystems from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 22nd. Zacks Research downgraded Pegasystems from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 25th. Finally, Loop Capital lowered Pegasystems from a “buy” rating to a “hold” rating and cut their price objective for the company from $55.00 to $25.00 in a report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $50.10.

Pegasystems Trading Up 1.7%

NASDAQ:PEGA opened at $37.32 on Thursday. The company has a 50-day moving average of $31.89 and a 200-day moving average of $36.42. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 21.08 and a beta of 0.89. Pegasystems Inc. has a twelve month low of $25.10 and a twelve month high of $68.10.

Pegasystems (NASDAQ:PEGA) last released its earnings results on Tuesday, July 21st. The technology company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The business had revenue of $420.72 million during the quarter, compared to the consensus estimate of $427.38 million. During the same quarter in the previous year, the firm earned $0.28 earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, research analysts forecast that Pegasystems Inc. will post 1.71 earnings per share for the current year.

Pegasystems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were given a $0.03 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 annualized dividend and a yield of 0.3%. Pegasystems’s payout ratio is 6.78%.

Insider Activity

In other Pegasystems news, insider Rifat Kerim Akgonul sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $33.99, for a total value of $101,970.00. Following the transaction, the insider owned 108,049 shares of the company’s stock, valued at approximately $3,672,585.51. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 48.40% of the company’s stock.

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.