Kornitzer Capital Management Inc. KS Has $5.47 Million Stock Position in Pegasystems Inc. $PEGA

Kornitzer Capital Management Inc. KS lessened its position in shares of Pegasystems Inc. (NASDAQ:PEGA) by 20.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 95,185 shares of the technology company’s stock after selling 24,625 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Pegasystems worth $5,473,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Spire Wealth Management raised its stake in Pegasystems by 274.2% during the second quarter. Spire Wealth Management now owns 565 shares of the technology company’s stock worth $31,000 after buying an additional 414 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Pegasystems during the 3rd quarter valued at about $33,000. Blue Trust Inc. lifted its stake in Pegasystems by 902.9% in the third quarter. Blue Trust Inc. now owns 682 shares of the technology company’s stock valued at $39,000 after buying an additional 614 shares during the period. MAI Capital Management boosted its holdings in shares of Pegasystems by 124.5% during the 2nd quarter. MAI Capital Management now owns 696 shares of the technology company’s stock worth $38,000 after buying an additional 386 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its stake in shares of Pegasystems by 335.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 732 shares of the technology company’s stock valued at $40,000 after acquiring an additional 564 shares in the last quarter. Institutional investors own 46.89% of the company’s stock.

Insiders Place Their Bets

In other news, insider Rifat Kerim Akgonul sold 4,000 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $60.19, for a total transaction of $240,760.00. Following the transaction, the insider directly owned 112,845 shares in the company, valued at approximately $6,792,140.55. This represents a 3.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kenneth Stillwell sold 14,405 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $57.87, for a total value of $833,617.35. Following the transaction, the chief financial officer directly owned 131,621 shares in the company, valued at approximately $7,616,907.27. This represents a 9.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 164,847 shares of company stock valued at $9,308,941 over the last 90 days. Insiders own 50.10% of the company’s stock.

Analysts Set New Price Targets

PEGA has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Pegasystems in a report on Monday, December 29th. Rosenblatt Securities raised their price objective on Pegasystems from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $80.00 target price (up previously from $70.00) on shares of Pegasystems in a report on Wednesday, October 22nd. Barclays lifted their price objective on shares of Pegasystems from $58.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 23rd. Finally, DA Davidson raised shares of Pegasystems from a “neutral” rating to a “buy” rating and increased their target price for the company from $60.00 to $85.00 in a research report on Wednesday, October 22nd. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Pegasystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.05.

Pegasystems Price Performance

Pegasystems stock opened at $49.80 on Wednesday. The firm has a market capitalization of $8.45 billion, a P/E ratio of 33.42 and a beta of 1.08. The business has a fifty day moving average price of $57.03 and a 200-day moving average price of $56.80. Pegasystems Inc. has a one year low of $29.84 and a one year high of $68.10.

Pegasystems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Shareholders of record on Friday, January 2nd were given a dividend of $0.03 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.2%. Pegasystems’s dividend payout ratio (DPR) is presently 8.05%.

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.