Pegasystems (NASDAQ:PEGA) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Pegasystems (NASDAQ:PEGA) was upgraded by investment analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.

PEGA has been the subject of several other reports. DA Davidson upgraded shares of Pegasystems from a “neutral” rating to a “buy” rating and raised their target price for the company from $60.00 to $85.00 in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pegasystems in a research report on Monday, December 29th. Rosenblatt Securities lifted their target price on Pegasystems from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Barclays increased their price target on Pegasystems from $58.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. raised 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. Nine 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, Pegasystems has a consensus rating of “Moderate Buy” and an average price target of $70.05.

Pegasystems Trading Down 2.1%

NASDAQ PEGA opened at $43.69 on Friday. The firm has a market capitalization of $7.42 billion, a P/E ratio of 29.32 and a beta of 1.08. The firm’s fifty day moving average price is $56.56 and its two-hundred day moving average price is $56.62. Pegasystems has a 1 year low of $29.84 and a 1 year high of $68.10.

Insiders Place Their Bets

In other Pegasystems news, insider Rifat Kerim Akgonul sold 4,000 shares of Pegasystems stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $60.19, for a total value of $240,760.00. Following the completion of the sale, the insider owned 112,845 shares in the company, valued at $6,792,140.55. The trade was a 3.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kenneth Stillwell sold 14,405 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were 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 $7,616,907.27. This represents a 9.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 164,847 shares of company stock worth $9,308,941 in the last 90 days. Company insiders own 49.70% of the company’s stock.

Institutional Investors Weigh In On Pegasystems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC grew its position in Pegasystems by 141,900.0% during the first quarter. NewEdge Advisors LLC now owns 4,260 shares of the technology company’s stock worth $296,000 after buying an additional 4,257 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Pegasystems by 450.4% during the 1st quarter. Jones Financial Companies Lllp now owns 1,844 shares of the technology company’s stock worth $128,000 after purchasing an additional 1,509 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Pegasystems by 5.6% in the first quarter. Goldman Sachs Group Inc. now owns 248,168 shares of the technology company’s stock worth $17,253,000 after purchasing an additional 13,075 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Pegasystems by 18.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 155,783 shares of the technology company’s stock valued at $10,830,000 after purchasing an additional 23,713 shares in the last quarter. Finally, Focus Partners Wealth lifted its position in Pegasystems by 55.0% during the first quarter. Focus Partners Wealth now owns 5,476 shares of the technology company’s stock worth $381,000 after purchasing an additional 1,943 shares during the period. 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.