Pegasystems (NASDAQ:PEGA) Stock Rating Cut to “Neutral” at DA Davidson

Pegasystems (NASDAQ:PEGA) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat reports. They presently have a $32.00 price objective on the technology company’s stock. DA Davidson’s price objective would suggest a potential downside of 5.60% from the stock’s previous close.

PEGA has been the topic of a number of other research reports. Citigroup downgraded Pegasystems from a “market outperform” rating to a “market perform” rating in a report on Wednesday, July 22nd. Loop Capital cut Pegasystems from a “buy” rating to a “hold” rating and lowered their price objective for the company from $55.00 to $25.00 in a research report on Thursday, July 23rd. Zacks Research upgraded shares of Pegasystems from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 22nd. Rosenblatt Securities decreased their target price on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Pegasystems in a research note on Tuesday, September 1st. Four equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.40.

Pegasystems Price Performance

PEGA stock traded down $0.53 during mid-day trading on Monday, hitting $33.90. 277,305 shares of the stock were exchanged, compared to its average volume of 2,354,488. The business has a fifty day moving average price of $33.91 and a 200 day moving average price of $35.09. Pegasystems has a 12 month low of $25.10 and a 12 month high of $68.10. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 19.17 and a beta of 0.89.

Pegasystems (NASDAQ:PEGA) last issued its quarterly earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.08). The firm had revenue of $420.72 million for the quarter, compared to the consensus estimate of $427.38 million. Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $0.28 EPS. As a group, equities analysts forecast that Pegasystems will post 1.69 EPS for the current fiscal year.

Insider Activity at Pegasystems

In other news, CAO Efstathios Kouninis sold 1,063 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $38.75, for a total value of $41,191.25. Following the transaction, the chief accounting officer directly owned 1,164 shares in the company, valued at approximately $45,105. This represents a 47.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kerim Akgonul sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $36.03, for a total transaction of $252,210.00. Following the completion of the transaction, the insider owned 104,804 shares in the company, valued at approximately $3,776,088.12. This represents a 6.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 52,672 shares of company stock valued at $1,887,507. 48.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Pegasystems

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its holdings in Pegasystems by 3.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,378 shares of the technology company’s stock valued at $500,000 after purchasing an additional 272 shares during the period. State of Michigan Retirement System grew 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. Diversified Trust Co grew its stake in Pegasystems by 3.2% during the first quarter. Diversified Trust Co now owns 11,364 shares of the technology company’s stock worth $484,000 after buying an additional 350 shares during the period. Oregon Public Employees Retirement Fund grew its stake in Pegasystems by 2.2% during the first quarter. Oregon Public Employees Retirement Fund now owns 18,700 shares of the technology company’s stock worth $796,000 after buying an additional 400 shares during the period. Finally, State of Wyoming grew its stake in Pegasystems by 3.4% during the first quarter. State of Wyoming now owns 12,709 shares of the technology company’s stock worth $541,000 after buying an additional 423 shares during the period. 46.89% of the stock is currently owned by institutional investors and hedge funds.

About Pegasystems

Pegasystems Inc is an enterprise software company that develops applications for customer engagement, business process management and workflow automation. Its software is designed to help organizations manage complex operations, improve customer service and automate decision-making across departments and channels.

The company’s product portfolio includes Pega Platform, a low-code application development and process automation platform, as well as solutions for customer relationship management, customer service, sales automation, marketing, fraud detection and case management.