Rosenblatt Securities Issues Pessimistic Forecast for Pegasystems (NASDAQ:PEGA) Stock Price

Pegasystems (NASDAQ:PEGA) had its price target lowered by stock analysts at Rosenblatt Securities from $58.00 to $47.00 in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 75.24% from the company’s current price.

A number of other equities analysts have also recently issued reports on the company. Loop Capital cut Pegasystems from a “buy” rating to a “hold” rating and lowered their target price for the stock from $55.00 to $25.00 in a report on Thursday. Weiss Ratings cut Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Citizens Jmp downgraded Pegasystems from an “outperform” rating to a “market perform” rating in a report on Wednesday. KeyCorp downgraded Pegasystems from an “overweight” rating to a “sector weight” rating in a report on Wednesday. Finally, Barclays restated an “overweight” rating and issued a $39.00 target price (down from $48.00) on shares of Pegasystems in a research note on Thursday. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Pegasystems presently has a consensus rating of “Hold” and an average target price of $50.10.

Pegasystems Trading Up 3.1%

Shares of Pegasystems stock opened at $26.82 on Thursday. The stock’s fifty day simple moving average is $32.13 and its 200 day simple moving average is $39.70. The company has a market capitalization of $4.41 billion, a PE ratio of 15.15 and a beta of 0.87. Pegasystems has a 12 month low of $25.10 and a 12 month high of $68.10.

Pegasystems (NASDAQ:PEGA) last posted its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). The business had revenue of $420.72 million during the quarter, compared to analyst estimates of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 earnings per share. Analysts predict that Pegasystems will post 1.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Efstathios A. Kouninis sold 750 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.75, for a total transaction of $26,062.50. Following the transaction, the chief accounting officer directly owned 2,894 shares in the company, valued at $100,566.50. The trade was a 20.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rifat Kerim Akgonul sold 4,545 shares of the business’s stock in a transaction that occurred 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 transaction, the insider directly owned 107,070 shares in the company, valued at $3,570,784.50. The trade was a 4.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 6,795 shares of company stock worth $229,613. 48.40% of the stock is owned by corporate insiders.

Institutional Trading of Pegasystems

Several institutional investors have recently added to or reduced their stakes in PEGA. AQR Capital Management LLC boosted its stake in Pegasystems by 236.2% in the second quarter. AQR Capital Management LLC now owns 4,037,552 shares of the technology company’s stock valued at $217,584,000 after buying an additional 2,836,733 shares in the last quarter. Invesco Ltd. raised its stake in Pegasystems by 14.8% during the fourth quarter. Invesco Ltd. now owns 3,127,771 shares of the technology company’s stock worth $186,790,000 after acquiring an additional 402,763 shares in the last quarter. State Street Corp lifted its holdings in shares of 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 acquiring an additional 2,089,375 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Pegasystems by 28.3% in the 4th quarter. Wellington Management Group LLP now owns 2,721,958 shares of the technology company’s stock valued at $162,555,000 after purchasing an additional 599,790 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Pegasystems by 2.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,529,767 shares of the technology company’s stock valued at $151,094,000 after purchasing an additional 61,251 shares in the last quarter. 46.89% of the stock is currently owned by 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.