Harber Asset Management LLC Makes New Investment in Pegasystems Inc. $PEGA

Harber Asset Management LLC purchased a new stake in Pegasystems Inc. (NASDAQ:PEGA) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 104,579 shares of the technology company’s stock, valued at approximately $3,134,000. Pegasystems makes up about 1.9% of Harber Asset Management LLC’s investment portfolio, making the stock its 29th largest holding. Harber Asset Management LLC owned 0.06% of Pegasystems as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Sei Investments Co. increased its stake 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 purchasing an additional 363,896 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Pegasystems by 117.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 814,062 shares of the technology company’s stock worth $34,427,000 after buying an additional 439,417 shares during the last quarter. Norges Bank bought a new position in shares of Pegasystems in the fourth quarter valued at $31,905,000. Fisher Asset Management LLC lifted its stake in shares of Pegasystems by 3.0% in the fourth quarter. Fisher Asset Management LLC now owns 1,170,377 shares of the technology company’s stock valued at $69,895,000 after buying an additional 33,643 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Pegasystems by 259.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 411,262 shares of the technology company’s stock valued at $26,144,000 after buying an additional 296,916 shares during the last quarter. Institutional investors and hedge funds 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 on Friday, May 29th. The stock was sold at an average price of $34.75, for a total value of $26,062.50. Following the completion of 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 filing with the SEC, which is available through this link. Insiders sold 2,250 shares of company stock worth $78,038 over the last three months. 48.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on PEGA. Rosenblatt Securities lowered their target price on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Royal Bank Of Canada set a $35.00 price target on Pegasystems and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Loop Capital lowered Pegasystems from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $55.00 to $25.00 in a report on Thursday, July 23rd. KeyCorp downgraded Pegasystems from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, July 22nd. Finally, William Blair lowered Pegasystems from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 22nd. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Pegasystems currently has a consensus rating of “Hold” and a consensus price target of $50.10.

Pegasystems Stock Performance

NASDAQ PEGA opened at $33.56 on Friday. Pegasystems Inc. has a 52-week low of $25.10 and a 52-week high of $68.10. The company has a 50-day simple moving average of $31.08 and a 200 day simple moving average of $36.72. The company has a market capitalization of $5.52 billion, a PE ratio of 18.96 and a beta of 0.87.

Pegasystems (NASDAQ:PEGA) last released 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). Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The company had revenue of $420.72 million during the quarter, compared to analysts’ expectations of $427.38 million. During the same quarter in the previous year, the firm earned $0.28 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, analysts forecast that Pegasystems Inc. will post 1.71 EPS for the current fiscal year.

Pegasystems Dividend Announcement

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

Pegasystems 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.