Thrivent Financial for Lutherans Increases Position in Pegasystems Inc. $PEGA

Thrivent Financial for Lutherans increased its stake in shares of Pegasystems Inc. (NASDAQ:PEGA) by 1.3% during the third quarter, Holdings Channel reports. The institutional investor owned 1,927,576 shares of the technology company’s stock after acquiring an additional 25,598 shares during the period. Thrivent Financial for Lutherans’ holdings in Pegasystems were worth $110,778,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Pegasystems by 23.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,987,291 shares of the technology company’s stock valued at $286,769,000 after acquiring an additional 937,216 shares during the last quarter. Vest Financial LLC acquired a new position in Pegasystems in the 3rd quarter valued at about $1,515,000. Nordea Investment Management AB lifted its holdings in Pegasystems by 100.9% in the 2nd quarter. Nordea Investment Management AB now owns 196,065 shares of the technology company’s stock valued at $10,492,000 after purchasing an additional 98,468 shares in the last quarter. Herald Investment Management Ltd lifted its holdings in Pegasystems by 100.0% in the 2nd quarter. Herald Investment Management Ltd now owns 703,600 shares of the technology company’s stock valued at $38,086,000 after purchasing an additional 351,800 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of Pegasystems by 60.3% during the 2nd quarter. Allianz Asset Management GmbH now owns 240,225 shares of the technology company’s stock worth $13,003,000 after purchasing an additional 90,404 shares during the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Pegasystems Stock Down 2.1%

PEGA stock opened at $43.69 on Friday. The company has a market cap of $7.42 billion, a price-to-earnings ratio of 29.32 and a beta of 1.08. The business has a fifty day simple moving average of $56.56 and a 200-day simple moving average of $56.66. Pegasystems Inc. has a 52 week low of $29.84 and a 52 week high of $68.10.

Pegasystems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, January 2nd. Pegasystems’s payout ratio is currently 8.05%.

Insider Activity

In related news, CFO Kenneth Stillwell sold 14,405 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $57.87, for a total value of $833,617.35. Following the transaction, the chief financial officer owned 131,621 shares in the company, valued at approximately $7,616,907.27. This trade represents a 9.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Alan Trefler sold 45,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $49.02, for a total transaction of $2,205,900.00. Following the sale, the chairman owned 44,394,454 shares of the company’s stock, valued at approximately $2,176,216,135.08. This represents a 0.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 164,847 shares of company stock valued at $9,308,941 in the last three months. Corporate insiders own 49.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Pegasystems in a research report on Monday, December 29th. JPMorgan Chase & Co. boosted their price target on Pegasystems from $65.00 to $74.00 and gave the company an “overweight” rating in a report on Friday, December 5th. Wedbush raised their price objective on Pegasystems from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Wall Street Zen raised Pegasystems from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $80.00 target price (up from $70.00) on shares of Pegasystems in a research report on Wednesday, October 22nd. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.