Citizens Jmp Reaffirms “Market Outperform” Rating for Pegasystems (NASDAQ:PEGA)

Pegasystems (NASDAQ:PEGA)‘s stock had its “market outperform” rating reaffirmed by analysts at Citizens Jmp in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $58.00 target price on the technology company’s stock. Citizens Jmp’s price objective indicates a potential upside of 69.79% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Citigroup restated a “market outperform” rating on shares of Pegasystems in a report on Wednesday. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Pegasystems in a report on Tuesday. Wedbush reiterated an “outperform” rating and set a $60.00 price objective on shares of Pegasystems in a research report on Thursday, April 23rd. Rosenblatt Securities reissued a “buy” rating and set a $62.00 price objective on shares of Pegasystems in a research note on Monday, April 20th. Finally, Weiss Ratings cut Pegasystems from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pegasystems presently has an average rating of “Moderate Buy” and a consensus price target of $63.30.

Pegasystems Stock Down 2.7%

Pegasystems stock opened at $34.16 on Wednesday. The company has a fifty day simple moving average of $37.46 and a 200-day simple moving average of $46.01. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 18.37 and a beta of 0.86. Pegasystems has a 52-week low of $32.00 and a 52-week high of $68.10.

Pegasystems (NASDAQ:PEGA) last posted its quarterly earnings results on Tuesday, April 21st. The technology company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.22). Pegasystems had a return on equity of 30.05% and a net margin of 20.04%.The business had revenue of $429.97 million during the quarter, compared to analysts’ expectations of $473.24 million. During the same period in the prior year, the business posted $0.76 earnings per share. The business’s quarterly revenue was down 9.6% on a year-over-year basis. On average, research analysts anticipate that Pegasystems will post 1.95 EPS for the current fiscal year.

Insider Activity

In other Pegasystems news, CAO Efstathios A. Kouninis sold 1,000 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $42.88, for a total transaction of $42,880.00. Following the completion of the transaction, the chief accounting officer owned 3,365 shares of the company’s stock, valued at $144,291.20. This trade represents a 22.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Rifat Kerim Akgonul sold 7,594 shares of Pegasystems stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $43.39, for a total transaction of $329,503.66. Following the sale, the insider owned 111,429 shares of the company’s stock, valued at approximately $4,834,904.31. This represents a 6.38% 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 14,639 shares of company stock valued at $577,764. 48.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Pegasystems in the fourth quarter valued at $28,000. Hantz Financial Services Inc. lifted its stake in Pegasystems by 321.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 565 shares of the technology company’s stock worth $32,000 after acquiring an additional 431 shares in the last quarter. EFG International AG purchased a new position in Pegasystems during the 4th quarter valued at about $32,000. Fifth Third Bancorp grew its position in Pegasystems by 96.5% in the 4th quarter. Fifth Third Bancorp now owns 617 shares of the technology company’s stock valued at $37,000 after acquiring an additional 303 shares in the last quarter. Finally, Signature Equity Partners LLC grew its position in Pegasystems by 302.2% in the 1st quarter. Signature Equity Partners LLC now owns 929 shares of the technology company’s stock valued at $40,000 after acquiring an additional 698 shares in the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

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.