Rosenblatt Securities Cuts Pegasystems (NASDAQ:PEGA) Price Target to $62.00

Pegasystems (NASDAQ:PEGA) had its price objective trimmed by Rosenblatt Securities from $70.00 to $62.00 in a report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also weighed in on the company. Barclays upped their price objective on Pegasystems from $58.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 23rd. Wedbush increased their price objective on shares of Pegasystems from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. DA Davidson upgraded shares of Pegasystems from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $60.00 to $85.00 in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. upped their target price on shares of Pegasystems from $65.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, December 5th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $80.00 target price (up from $70.00) on shares of Pegasystems in a research note on Wednesday, October 22nd. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.55.

Pegasystems Stock Performance

PEGA opened at $40.12 on Friday. Pegasystems has a fifty-two week low of $29.84 and a fifty-two week high of $68.10. The firm’s fifty day moving average is $55.14 and its 200 day moving average is $56.27. The stock has a market cap of $6.81 billion, a price-to-earnings ratio of 26.93 and a beta of 1.07.

Pegasystems Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman Alan Trefler sold 45,000 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $49.02, for a total transaction of $2,205,900.00. Following the transaction, the chairman directly owned 44,394,454 shares in the company, valued at approximately $2,176,216,135.08. This represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kenneth Stillwell sold 14,405 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $57.87, for a total transaction of $833,617.35. Following the completion of the sale, the chief financial officer directly owned 131,621 shares of the company’s stock, valued at approximately $7,616,907.27. The trade was a 9.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 108,405 shares of company stock valued at $5,896,127. Company insiders own 50.10% of the company’s stock.

Hedge Funds Weigh In On Pegasystems

Institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA raised its stake in shares of Pegasystems by 23.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,987,291 shares of the technology company’s stock worth $286,769,000 after acquiring an additional 937,216 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Pegasystems by 1.3% in the third quarter. Thrivent Financial for Lutherans now owns 1,927,576 shares of the technology company’s stock worth $110,778,000 after purchasing an additional 25,598 shares during the last quarter. Vest Financial LLC acquired a new position in shares of Pegasystems during the third quarter worth $1,515,000. Nordea Investment Management AB increased its position in shares of Pegasystems by 100.9% during the second 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 in the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings 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 valued at $13,003,000 after purchasing an additional 90,404 shares during the last quarter. 46.89% of the stock is owned by hedge funds and other institutional investors.

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.