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Pegasystems (NASDAQ:PEGA) was upgraded by Merriman Capital from a “neutral” rating to a “buy” rating in a research note issued on Wednesday.

Shares of Pegasystems (NASDAQ:PEGA) traded up 9.98% on Wednesday, hitting $22.92. 679,792 shares of the company’s stock traded hands. Pegasystems has a 52-week low of $15.51 and a 52-week high of $25.765. The stock has a 50-day moving average of $21.49 and a 200-day moving average of $20.2. The company has a market cap of $1.747 billion and a P/E ratio of 42.53.

Pegasystems (NASDAQ:PEGA) last announced its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by $0.03. The company had revenue of $143.86 million for the quarter, compared to the consensus estimate of $132.75 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. Analysts expect that Pegasystems will post $0.81 EPS for the current fiscal year.

In other Pegasystems news, Director Richard H. Jones sold 2,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $22.74, for a total value of $45,480.00. The sale was disclosed in a document filed with the SEC, which is available at this link.

Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Pegasystems from a “neutral” rating to an “outperform” rating in a research note on Thursday, July 3rd. They now have a $23.50 price target on the stock. Separately, analysts at TheStreet upgraded shares of Pegasystems from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Finally, analysts at Wedbush upgraded shares of Pegasystems from a “neutral” rating to an “outperform” rating in a research note on Wednesday, May 21st. They now have a $27.00 price target on the stock, up previously from $25.00. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $24.92.

Pegasystems Inc develops, markets, licenses, and supports software, which allows organizations to build, deploy, and change enterprise applications.

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