Summit Creek Advisors LLC Makes New Investment in Pegasystems Inc. $PEGA

Summit Creek Advisors LLC purchased a new stake in shares of Pegasystems Inc. (NASDAQ:PEGA) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 82,928 shares of the technology company’s stock, valued at approximately $2,485,000. Summit Creek Advisors LLC owned 0.05% of Pegasystems as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. RHS Financial LLC purchased a new position in shares of Pegasystems in the second quarter worth approximately $205,000. Meeder Asset Management Inc. bought a new stake in Pegasystems during the second quarter valued at approximately $130,000. Buckland Partners Management Co LLC purchased a new stake in Pegasystems during the second quarter valued at approximately $509,000. BlackRock Inc. bought a new position in Pegasystems in the second quarter worth approximately $286,923,000. Finally, Deutsche Bank AG bought a new position in Pegasystems in the second quarter worth approximately $7,565,000. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Insiders Place Their Bets

In other Pegasystems news, CAO Efstathios A. Kouninis sold 750 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $34.75, for a total transaction of $26,062.50. Following the sale, the chief accounting officer directly owned 2,894 shares of the company’s stock, valued at $100,566.50. This trade represents a 20.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 2,250 shares of company stock valued at $78,038. Corporate insiders own 48.40% of the company’s stock.

Pegasystems Trading Up 1.9%

NASDAQ PEGA opened at $32.50 on Wednesday. Pegasystems Inc. has a 12 month low of $25.10 and a 12 month high of $68.10. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 18.36 and a beta of 0.87. The company’s 50 day moving average is $31.03 and its two-hundred day moving average is $36.89.

Pegasystems (NASDAQ:PEGA) last posted its quarterly 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 firm had revenue of $420.72 million during 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 business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.28 earnings per share. Sell-side analysts forecast that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a dividend of $0.03 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Pegasystems’s payout ratio is 6.78%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PEGA. William Blair cut shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Loop Capital cut Pegasystems from a “buy” rating to a “hold” rating and decreased their target price for the stock from $55.00 to $25.00 in a report on Thursday, July 23rd. Citizens Jmp downgraded Pegasystems from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 22nd. Wedbush reissued an “outperform” rating and set a $60.00 price target on shares of Pegasystems in a report on Thursday, April 23rd. Finally, Zacks Research lowered Pegasystems from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Pegasystems currently has an average rating of “Hold” and an average target price of $50.10.

Pegasystems Company Profile

Pegasystems Inc is a software company specializing in customer engagement and digital process automation solutions. Headquartered in Cambridge, Massachusetts, Pegasystems develops enterprise applications designed to help organizations streamline operations, manage customer interactions and automate complex workflows. Its platform supports a wide range of use cases, from sales and marketing optimization to case management and robotic process automation.

The core of Pegasystems’ offering is the Pega Platform, a low-code development environment that enables businesses to build and deploy applications with minimal hand-coding.