Rifat Kerim Akgonul Sells 3,000 Shares of Pegasystems (NASDAQ:PEGA) Stock

Pegasystems Inc. (NASDAQ:PEGA) insider Rifat Kerim Akgonul sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $33.99, for a total value of $101,970.00. Following the transaction, the insider owned 108,049 shares in the company, valued at approximately $3,672,585.51. This trade represents a 2.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Pegasystems Stock Performance

NASDAQ:PEGA traded down $0.17 during mid-day trading on Wednesday, hitting $33.83. 1,137,463 shares of the stock were exchanged, compared to its average volume of 2,373,708. The firm’s 50-day simple moving average is $31.15 and its 200 day simple moving average is $36.59. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 19.11 and a beta of 0.87. Pegasystems Inc. has a fifty-two week low of $25.10 and a fifty-two week high of $68.10.

Pegasystems (NASDAQ:PEGA) last issued its quarterly earnings data on Tuesday, July 21st. The technology company reported $0.35 EPS 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 analyst estimates of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 earnings per share. On average, analysts predict that Pegasystems Inc. will post 1.71 EPS for the current fiscal year.

Pegasystems Dividend Announcement

The firm also recently declared 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 dividend yield of 0.4%. Pegasystems’s dividend payout ratio is 6.78%.

Institutional Investors Weigh In On Pegasystems

A number of large investors have recently bought and sold shares of PEGA. Sei Investments Co. grew its stake in shares of Pegasystems by 52.9% during the first quarter. Sei Investments Co. now owns 1,052,205 shares of the technology company’s stock worth $44,782,000 after buying an additional 363,896 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Pegasystems by 117.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 814,062 shares of the technology company’s stock valued at $34,427,000 after acquiring an additional 439,417 shares during the last quarter. Norges Bank acquired a new stake in shares of Pegasystems during the 4th quarter valued at $31,905,000. Fisher Asset Management LLC boosted its holdings in shares of Pegasystems by 3.0% during the 4th quarter. Fisher Asset Management LLC now owns 1,170,377 shares of the technology company’s stock valued at $69,895,000 after acquiring an additional 33,643 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Pegasystems by 259.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 411,262 shares of the technology company’s stock worth $26,144,000 after acquiring an additional 296,916 shares during the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PEGA has been the subject of several analyst reports. William Blair cut shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada set a $35.00 target price on shares of Pegasystems and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. 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. KeyCorp downgraded shares of Pegasystems from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings downgraded Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Pegasystems has a consensus rating of “Hold” and a consensus target price of $50.10.

About Pegasystems

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.