Allspring Global Investments Holdings LLC Reduces Position in Pegasystems Inc. $PEGA

Allspring Global Investments Holdings LLC reduced its position in shares of Pegasystems Inc. (NASDAQ:PEGA) by 2.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 155,650 shares of the technology company’s stock after selling 3,301 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pegasystems were worth $8,172,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PEGA. CWM LLC increased its holdings in Pegasystems by 182.0% in the 2nd quarter. CWM LLC now owns 132,441 shares of the technology company’s stock valued at $7,169,000 after purchasing an additional 85,484 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Pegasystems by 184.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,621 shares of the technology company’s stock worth $1,170,000 after buying an additional 14,030 shares during the period. Lindenwold Advisors INC acquired a new stake in shares of Pegasystems in the second quarter valued at approximately $287,000. Monument Capital Management purchased a new position in shares of Pegasystems during the second quarter valued at approximately $3,079,000. Finally, L. Roy Papp & Associates LLP raised its stake in Pegasystems by 104.0% during the second quarter. L. Roy Papp & Associates LLP now owns 45,578 shares of the technology company’s stock worth $2,467,000 after purchasing an additional 23,238 shares during the period. Institutional investors and hedge funds own 46.89% of the company’s stock.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, insider Rifat Kerim Akgonul sold 4,000 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $56.97, for a total transaction of $227,880.00. Following the completion of the sale, the insider owned 70,717 shares of the company’s stock, valued at approximately $4,028,747.49. This represents a 5.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Larry Weber sold 2,636 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.98, for a total value of $150,199.28. Following the transaction, the director owned 10,632 shares in the company, valued at $605,811.36. The trade was a 19.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 132,607 shares of company stock worth $7,644,274. Company insiders own 50.10% of the company’s stock.

Wall Street Analyst Weigh In

PEGA has been the subject of a number of recent analyst reports. Loop Capital raised their price target on shares of Pegasystems from $60.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Citigroup boosted their price objective on shares of Pegasystems from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Wedbush boosted their price objective on shares of Pegasystems from $68.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Rosenblatt Securities boosted their price target on shares of Pegasystems from $61.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, Barclays upped their target price on shares of Pegasystems from $50.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $62.50.

Pegasystems Stock Down 2.2%

NASDAQ PEGA opened at $53.38 on Monday. The company has a market capitalization of $9.13 billion, a PE ratio of 45.82 and a beta of 1.08. Pegasystems Inc. has a 12-month low of $29.84 and a 12-month high of $61.00. The firm’s 50 day moving average is $55.46 and its 200-day moving average is $50.75.

Pegasystems (NASDAQ:PEGA) last released its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The firm had revenue of $384.51 million during the quarter, compared to analysts’ expectations of $345.07 million. Pegasystems had a net margin of 13.14% and a return on equity of 42.42%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.26 earnings per share. As a group, sell-side analysts expect that Pegasystems Inc. will post 1.89 EPS for the current year.

Pegasystems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st were paid a $0.03 dividend. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.2%. Pegasystems’s dividend payout ratio is currently 10.34%.

About Pegasystems

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.