Legal & General Group Plc Invests $3.43 Million in Pegasystems Inc. $PEGA

Legal & General Group Plc acquired a new stake in Pegasystems Inc. (NASDAQ:PEGA) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 114,341 shares of the technology company’s stock, valued at approximately $3,427,000. Legal & General Group Plc owned 0.07% of Pegasystems as of its most recent SEC filing.

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

Insider Activity at Pegasystems

In related news, CAO Efstathios Kouninis sold 1,063 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $38.75, for a total transaction of $41,191.25. Following the completion of the sale, the chief accounting officer owned 1,164 shares in the company, valued at approximately $45,105. This represents a 47.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kerim Akgonul sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 4,813 shares of company stock worth $167,394. 48.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada set a $35.00 target price on Pegasystems and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Zacks Research downgraded shares of Pegasystems from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 25th. Rosenblatt Securities dropped their target price on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Pegasystems in a research note on Tuesday. Finally, William Blair cut shares of 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, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.10.

Pegasystems Price Performance

Shares of NASDAQ PEGA opened at $37.36 on Friday. The company has a 50-day moving average price of $32.20 and a 200-day moving average price of $36.38. The stock has a market capitalization of $6.14 billion, a P/E ratio of 21.11 and a beta of 0.89. Pegasystems Inc. has a 1 year low of $25.10 and a 1 year high of $68.10.

Pegasystems (NASDAQ:PEGA) last posted 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). The business had revenue of $420.72 million during the quarter, compared to analyst estimates of $427.38 million. Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. As a group, equities research analysts anticipate that Pegasystems Inc. will post 1.71 earnings per share for the current fiscal year.

Pegasystems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Wednesday, July 1st. Pegasystems’s dividend payout ratio (DPR) is currently 6.78%.

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.