Bank of New York Mellon Corp Decreases Position in Pegasystems Inc. $PEGA

Bank of New York Mellon Corp trimmed its stake in Pegasystems Inc. (NASDAQ:PEGA) by 7.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 764,961 shares of the technology company’s stock after selling 63,878 shares during the period. Bank of New York Mellon Corp’s holdings in Pegasystems were worth $32,557,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PEGA. Illinois Municipal Retirement Fund increased its position in shares of Pegasystems by 24.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 91,501 shares of the technology company’s stock valued at $3,894,000 after purchasing an additional 17,997 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Pegasystems by 58.6% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 137,302 shares of the technology company’s stock valued at $5,844,000 after buying an additional 50,716 shares during the period. Sanctuary Advisors LLC lifted its position in Pegasystems by 32.9% in the first quarter. Sanctuary Advisors LLC now owns 10,893 shares of the technology company’s stock worth $464,000 after buying an additional 2,699 shares during the last quarter. Calamos Wealth Management LLC lifted its position in Pegasystems by 89.0% in the first quarter. Calamos Wealth Management LLC now owns 7,003 shares of the technology company’s stock worth $298,000 after buying an additional 3,297 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in Pegasystems by 1.4% during the first quarter. State of Michigan Retirement System now owns 22,000 shares of the technology company’s stock worth $936,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Pegasystems Price Performance

Shares of Pegasystems stock opened at $26.82 on Monday. The stock’s fifty day moving average is $32.13 and its two-hundred day moving average is $39.56. The company has a market capitalization of $4.41 billion, a PE ratio of 15.15 and a beta of 0.87. Pegasystems Inc. has a 52 week low of $25.10 and a 52 week high of $68.10.

Pegasystems (NASDAQ:PEGA) last released its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The business had revenue of $420.72 million during the quarter, compared to analysts’ expectations of $427.38 million. During the same quarter in the previous year, the business earned $0.28 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts anticipate that Pegasystems Inc. will post 1.79 earnings per share for the current year.

Pegasystems Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 1st. Pegasystems’s dividend payout ratio (DPR) is currently 6.78%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PEGA. Rosenblatt Securities cut their price objective on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday. KeyCorp lowered shares of Pegasystems from an “overweight” rating to a “sector weight” rating in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $60.00 price target on shares of Pegasystems in a research note on Thursday, April 23rd. Citigroup downgraded shares of Pegasystems from a “market outperform” rating to a “market perform” rating in a report on Wednesday. Finally, DA Davidson set a $32.00 price objective on shares of Pegasystems in a research report on Friday. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Pegasystems presently has a consensus rating of “Hold” and a consensus price target of $50.10.

Insider Activity

In other Pegasystems 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 value of $26,062.50. Following the completion of the sale, the chief accounting officer directly owned 2,894 shares of the company’s stock, valued at $100,566.50. The trade was a 20.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rifat Kerim Akgonul sold 4,545 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $33.35, for a total transaction of $151,575.75. Following the completion of the transaction, the insider owned 107,070 shares in the company, valued at $3,570,784.50. This represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,795 shares of company stock worth $229,613 in the last ninety days. 48.40% of the stock is currently owned by insiders.

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.