Rosenblatt Securities Reaffirms Buy Rating for Pegasystems (NASDAQ:PEGA)

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a report issued on Thursday,Benzinga reports. They presently have a $58.00 price target on the technology company’s stock. Rosenblatt Securities’ price objective points to a potential upside of 80.35% from the company’s previous close.

A number of other research analysts have also commented on the company. Weiss Ratings lowered Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Wedbush reiterated an “outperform” rating and set a $60.00 price target on shares of Pegasystems in a research note on Thursday, April 23rd. Zacks Research downgraded shares of Pegasystems from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. DA Davidson reissued a “buy” rating and issued a $55.00 price target on shares of Pegasystems in a report on Wednesday, June 10th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Pegasystems in a research note on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $63.30.

Pegasystems Stock Down 2.3%

Shares of PEGA opened at $32.16 on Thursday. Pegasystems has a 12-month low of $28.66 and a 12-month high of $68.10. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 17.29 and a beta of 0.87. The stock’s 50-day moving average price is $32.67 and its 200 day moving average price is $40.80.

Pegasystems (NASDAQ:PEGA) last announced its quarterly earnings data on Tuesday, April 21st. The technology company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.22). Pegasystems had a return on equity of 30.05% and a net margin of 20.04%.The firm had revenue of $429.97 million during the quarter, compared to the consensus estimate of $473.24 million. During the same quarter in the prior year, the business posted $0.76 EPS. Pegasystems’s revenue was down 9.6% compared to the same quarter last year. Equities research analysts expect that Pegasystems will post 1.93 EPS for the current year.

Insider Buying and Selling at Pegasystems

In related news, insider Rifat Kerim Akgonul sold 4,545 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $33.35, for a total value of $151,575.75. Following the sale, the insider owned 107,070 shares of the company’s stock, valued at $3,570,784.50. The trade was a 4.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Efstathios A. Kouninis sold 750 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $36.99, for a total value of $27,742.50. Following the completion of the sale, the chief accounting officer owned 2,144 shares in the company, valued at $79,306.56. This trade represents a 25.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 6,795 shares of company stock worth $229,613. 48.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Pegasystems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in Pegasystems by 236.2% during the 2nd quarter. AQR Capital Management LLC now owns 4,037,552 shares of the technology company’s stock valued at $217,584,000 after purchasing an additional 2,836,733 shares in the last quarter. State Street Corp boosted its stake in Pegasystems by 255.3% in the second quarter. State Street Corp now owns 2,907,677 shares of the technology company’s stock worth $157,393,000 after purchasing an additional 2,089,375 shares in the last quarter. Copeland Capital Management LLC bought a new stake in shares of Pegasystems during the first quarter worth $47,817,000. Capital Impact Advisors LLC bought a new stake in shares of Pegasystems during the fourth quarter worth $45,705,000. Finally, First Trust Advisors LP grew its holdings in shares of Pegasystems by 44.4% during the first quarter. First Trust Advisors LP now owns 2,048,599 shares of the technology company’s stock worth $87,188,000 after purchasing an additional 630,023 shares during the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Pegasystems Company 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.