Corient Private Wealth LLC Acquires 10,358 Shares of Pegasystems Inc. $PEGA

Corient Private Wealth LLC lifted its holdings in Pegasystems Inc. (NASDAQ:PEGA) by 58.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,008 shares of the technology company’s stock after acquiring an additional 10,358 shares during the quarter. Corient Private Wealth LLC’s holdings in Pegasystems were worth $1,516,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its stake in shares of Pegasystems by 100.9% during the 2nd quarter. Nordea Investment Management AB now owns 196,065 shares of the technology company’s stock worth $10,492,000 after purchasing an additional 98,468 shares during the last quarter. Herald Investment Management Ltd grew its stake in shares of Pegasystems by 100.0% in the second quarter. Herald Investment Management Ltd now owns 703,600 shares of the technology company’s stock valued at $38,086,000 after acquiring an additional 351,800 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Pegasystems by 60.3% in the second quarter. Allianz Asset Management GmbH now owns 240,225 shares of the technology company’s stock valued at $13,003,000 after buying an additional 90,404 shares in the last quarter. Convergence Investment Partners LLC bought a new stake in shares of Pegasystems during the 2nd quarter valued at $2,653,000. Finally, Retirement Systems of Alabama bought a new stake in shares of Pegasystems during the 2nd quarter worth $5,889,000. Institutional investors and hedge funds own 46.89% of the company’s stock.

Insiders Place Their Bets

In related news, insider Rifat Kerim Akgonul sold 4,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $60.19, for a total value of $240,760.00. Following the completion of the sale, the insider owned 112,845 shares of the company’s stock, valued at approximately $6,792,140.55. This trade represents a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Efstathios A. Kouninis sold 4,425 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $67.25, for a total transaction of $297,581.25. Following the completion of the sale, the chief accounting officer directly owned 206 shares in the company, valued at $13,853.50. This trade represents a 95.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 205,301 shares of company stock valued at $12,297,609. Insiders own 49.70% of the company’s stock.

Pegasystems Price Performance

Shares of NASDAQ PEGA opened at $62.51 on Thursday. The company’s 50-day moving average is $58.90 and its 200 day moving average is $56.00. Pegasystems Inc. has a 1 year low of $29.84 and a 1 year high of $68.10. The stock has a market capitalization of $10.61 billion, a P/E ratio of 41.95 and a beta of 1.09.

Pegasystems (NASDAQ:PEGA) last announced its earnings results on Tuesday, October 21st. The technology company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.12. Pegasystems had a net margin of 16.05% and a return on equity of 43.49%. The business had revenue of $381.35 million during the quarter, compared to analyst estimates of $351.95 million. During the same period in the previous year, the business earned $0.39 EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. Research analysts anticipate that Pegasystems Inc. will post 1.89 earnings per share for the current year.

Pegasystems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Investors of record on Friday, January 2nd will be paid a $0.03 dividend. The ex-dividend date is Friday, January 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.2%. Pegasystems’s dividend payout ratio (DPR) is 8.05%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PEGA. Rosenblatt Securities increased their target price on Pegasystems from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. DA Davidson raised Pegasystems from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $60.00 to $85.00 in a research report on Wednesday, October 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $80.00 price target (up from $70.00) on shares of Pegasystems in a report on Wednesday, October 22nd. Wedbush boosted their target price on shares of Pegasystems from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Finally, Barclays raised their price objective on Pegasystems from $58.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, October 23rd. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Pegasystems presently has an average rating of “Moderate Buy” and an average price target of $70.05.

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.