Pegasystems (NASDAQ:PEGA) Stock Rating Reaffirmed as Buy by Rosenblatt Securities

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a research note issued to investors on Thursday, Benzinga reports. They currently have a $47.00 target price on the technology company’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 33.90% from the company’s previous close.

PEGA has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pegasystems in a research note on Tuesday, September 1st. William Blair lowered shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Citigroup cut their target price on shares of Pegasystems from $55.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday. KeyCorp lowered shares of Pegasystems from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, July 22nd. Finally, Citizens Jmp lowered shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.90.

Pegasystems Stock Up 3.8%

Shares of PEGA traded up $1.27 during trading hours on Thursday, reaching $35.10. 1,500,553 shares of the company traded hands, compared to its average volume of 2,331,376. The company’s fifty day moving average price is $34.72 and its two-hundred day moving average price is $34.57. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 20.03 and a beta of 0.89. Pegasystems has a 12 month low of $25.10 and a 12 month high of $68.10.

Pegasystems (NASDAQ:PEGA) last announced 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). The company had revenue of $420.72 million for the quarter, compared to the consensus estimate of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 EPS. On average, analysts expect that Pegasystems will post 1.69 EPS for the current year.

Insider Buying and Selling

In related news, CFO Kenneth Stillwell sold 39,627 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $35.77, for a total transaction of $1,417,457.79. Following the completion of the transaction, the chief financial officer owned 95,225 shares of the company’s stock, valued at $3,406,198.25. This trade represents a 29.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dianne Ledingham sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $38.00, for a total value of $38,000.00. Following the transaction, the director directly owned 39,280 shares of the company’s stock, valued at approximately $1,492,640. This trade represents a 2.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 53,672 shares of company stock worth $1,921,657 in the last 90 days. Corporate insiders own 48.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Pegasystems during the 2nd quarter valued at approximately $1,770,000. Sei Investments Co. increased its position in Pegasystems by 52.9% during the 1st quarter. Sei Investments Co. now owns 1,052,205 shares of the technology company’s stock valued at $44,782,000 after buying an additional 363,896 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Pegasystems by 117.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 814,062 shares of the technology company’s stock valued at $34,427,000 after buying an additional 439,417 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position 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 in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Pegasystems in the second quarter worth approximately $18,232,000. Institutional investors own 46.89% of the company’s stock.

Pegasystems Company Profile

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.