Allspring Global Investments Holdings LLC Raises Stock Position in Pegasystems Inc. $PEGA

Allspring Global Investments Holdings LLC lifted its holdings in Pegasystems Inc. (NASDAQ:PEGA) by 117.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 814,062 shares of the technology company’s stock after buying an additional 439,417 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pegasystems were worth $34,427,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new position in Pegasystems in the fourth quarter worth about $28,000. EFG International AG purchased a new stake in Pegasystems during the fourth quarter valued at approximately $32,000. Fifth Third Bancorp lifted its stake in shares of Pegasystems by 96.5% in the 4th quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock valued at $37,000 after purchasing an additional 303 shares during the last quarter. Bayforest Capital Ltd lifted its stake in shares of Pegasystems by 316.6% in the 4th quarter. Bayforest Capital Ltd now owns 704 shares of the technology company’s stock valued at $42,000 after purchasing an additional 535 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Pegasystems by 386.3% during the 4th quarter. Brown Brothers Harriman & Co. now owns 710 shares of the technology company’s stock valued at $42,000 after purchasing an additional 564 shares during the last quarter. Institutional investors own 46.89% of the company’s stock.

Insider Buying and Selling

In related news, insider Rifat Kerim Akgonul sold 4,545 shares of the 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 owned 107,070 shares of the company’s stock, valued at $3,570,784.50. This represents a 4.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Efstathios A. Kouninis sold 750 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $36.99, for a total value of $27,742.50. Following the transaction, the chief accounting officer owned 2,144 shares in the company, valued at $79,306.56. The trade was a 25.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,795 shares of company stock valued at $229,613 in the last quarter. 48.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Citigroup restated a “market outperform” rating on shares of Pegasystems in a report on Wednesday, June 10th. DA Davidson reiterated a “buy” rating and set a $55.00 price objective on shares of Pegasystems in a research report on Wednesday, June 10th. Wedbush reissued an “outperform” rating and issued a $60.00 target price on shares of Pegasystems in a research note on Thursday, April 23rd. Weiss Ratings lowered shares of Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $58.00 price target on shares of Pegasystems in a research note on Thursday. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.30.

Pegasystems Stock Performance

NASDAQ:PEGA opened at $32.16 on Monday. Pegasystems Inc. has a twelve month low of $28.66 and a twelve month high of $68.10. The company has a market cap of $5.37 billion, a price-to-earnings ratio of 17.29 and a beta of 0.87. The stock has a fifty day simple moving average of $32.67 and a 200-day simple moving average of $40.65.

Pegasystems (NASDAQ:PEGA) last posted its quarterly earnings results on Tuesday, April 21st. The technology company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.22). The company had revenue of $429.97 million during the quarter, compared to analysts’ expectations of $473.24 million. Pegasystems had a return on equity of 30.05% and a net margin of 20.04%.The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. As a group, equities research analysts predict that Pegasystems Inc. will post 1.93 EPS for the current fiscal year.

Pegasystems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a $0.03 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Pegasystems’s payout ratio is presently 6.45%.

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.