Rosenblatt Securities Reaffirms Buy Rating for Pegasystems (NASDAQ:PEGA)

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reiterated by analysts at Rosenblatt Securities in a research note issued on Thursday, Benzinga reports. They presently have a $47.00 price objective on the technology company’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 38.93% from the stock’s current price.

A number of other brokerages have also recently weighed in on PEGA. Loop Capital cut Pegasystems from a “buy” rating to a “hold” rating and dropped their price objective for the company from $55.00 to $25.00 in a research note on Thursday, July 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Pegasystems in a research note on Tuesday, September 1st. KeyCorp cut Pegasystems from an “overweight” rating to a “sector weight” rating in a report on Wednesday, July 22nd. Citigroup dropped their target price on Pegasystems from $55.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, William Blair downgraded Pegasystems from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 22nd. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $45.90.

Pegasystems Stock Performance

Pegasystems stock opened at $33.83 on Thursday. Pegasystems has a fifty-two week low of $25.10 and a fifty-two week high of $68.10. The firm has a 50 day moving average price of $34.72 and a 200 day moving average price of $34.57. The company has a market capitalization of $5.56 billion, a PE ratio of 29.39 and a beta of 0.89.

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

Insider Buying and Selling

In related news, CAO Efstathios Kouninis sold 982 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $37.35, for a total transaction of $36,677.70. Following the completion of the transaction, the chief accounting officer directly owned 1,009 shares of the company’s stock, valued at $37,686.15. The trade was a 49.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dianne Ledingham sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $34.15, for a total value of $34,150.00. Following the sale, the director owned 38,280 shares in the company, valued at approximately $1,307,262. This trade represents a 2.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 53,672 shares of company stock valued at $1,921,657 in the last three months. 48.40% of the stock is currently owned by insiders.

Institutional Trading of Pegasystems

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Pegasystems during the second quarter worth approximately $286,923,000. Copeland Capital Management LLC acquired a new position in Pegasystems in the first quarter valued at approximately $47,817,000. Ranger Investment Management L.P. acquired a new position in Pegasystems in the second quarter valued at approximately $26,168,000. Capital Impact Advisors LLC purchased a new position in Pegasystems in the fourth quarter valued at approximately $45,705,000. Finally, Bank of New York Mellon Corp purchased a new position in Pegasystems in the second quarter valued at approximately $19,382,000. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

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.