Contravisory Investment Management Inc. Lowers Stock Position in Pegasystems Inc. (NASDAQ:PEGA)

Contravisory Investment Management Inc. lessened its holdings in shares of Pegasystems Inc. (NASDAQ:PEGA) by 3.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,309 shares of the technology company’s stock after selling 145 shares during the period. Contravisory Investment Management Inc.’s holdings in Pegasystems were worth $315,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PEGA. Versant Capital Management Inc grew its holdings in Pegasystems by 15,120.0% in the second quarter. Versant Capital Management Inc now owns 761 shares of the technology company’s stock worth $46,000 after purchasing an additional 756 shares during the period. Headlands Technologies LLC increased its position in Pegasystems by 64.0% during the 1st quarter. Headlands Technologies LLC now owns 869 shares of the technology company’s stock valued at $56,000 after buying an additional 339 shares in the last quarter. Covestor Ltd raised its stake in Pegasystems by 633.9% during the first quarter. Covestor Ltd now owns 1,233 shares of the technology company’s stock valued at $80,000 after buying an additional 1,065 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Pegasystems in the second quarter worth $104,000. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Pegasystems in the second quarter worth $124,000. 46.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PEGA shares. Royal Bank of Canada lifted their price target on Pegasystems from $77.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. The Goldman Sachs Group upped their target price on shares of Pegasystems from $70.00 to $78.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. StockNews.com cut shares of Pegasystems from a “strong-buy” rating to a “buy” rating in a report on Friday, October 4th. Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Pegasystems in a report on Monday, July 29th. Finally, William Blair upgraded Pegasystems from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 30th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.60.

Insider Buying and Selling at Pegasystems

In other news, insider Rifat Kerim Akgonul sold 1,000 shares of Pegasystems stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the insider now owns 50,505 shares in the company, valued at $3,535,350. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Rifat Kerim Akgonul sold 1,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the transaction, the insider now owns 50,505 shares of the company’s stock, valued at $3,535,350. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Efstathios A. Kouninis sold 750 shares of Pegasystems stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $72.09, for a total value of $54,067.50. Following the transaction, the chief accounting officer now directly owns 752 shares in the company, valued at approximately $54,211.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,955 shares of company stock valued at $3,206,247. Insiders own 50.10% of the company’s stock.

Pegasystems Price Performance

NASDAQ PEGA opened at $73.84 on Friday. Pegasystems Inc. has a 1-year low of $37.66 and a 1-year high of $74.50. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 90.05 and a beta of 1.07. The business’s fifty day moving average price is $68.77 and its 200-day moving average price is $63.44.

Pegasystems (NASDAQ:PEGA) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.30. Pegasystems had a return on equity of 49.62% and a net margin of 8.72%. The business had revenue of $351.20 million for the quarter, compared to analysts’ expectations of $323.55 million. During the same period last year, the firm posted ($0.41) earnings per share. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. Equities research analysts anticipate that Pegasystems Inc. will post 1.54 EPS for the current year.

Pegasystems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a dividend of $0.03 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.12 annualized dividend and a yield of 0.16%. Pegasystems’s dividend payout ratio (DPR) is 14.63%.

Pegasystems Profile

Pegasystems Inc develops, markets, licenses, hosts, and supports enterprise software in the United States, rest of the Americas, the United Kingdom, rest of Europe, the Middle East, Africa, and the Asia-Pacific. The company provides Pega Infinity, a software portfolio comprising of Pega Customer Decision Hub, a real-time AI-powered decision engine to enhance customer acquisition and experiences across inbound, outbound, and paid media channels; Pega Customer Service to anticipate customer needs, connect customers to people and systems, and automate customer interactions to evolve the customer service experience, as well as to allow enterprises to deliver interactions across channels and enhance employee productivity; and Pega Platform, an intelligent automation software for increasing efficiency of clients’ processes and workflows.