Allspring Global Investments Holdings LLC Reduces Stock Position in Pegasystems Inc. $PEGA

Allspring Global Investments Holdings LLC reduced its stake in Pegasystems Inc. (NASDAQ:PEGA) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 155,650 shares of the technology company’s stock after selling 3,301 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Pegasystems worth $8,172,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Herald Investment Management Ltd lifted its position in Pegasystems by 100.0% during the second quarter. Herald Investment Management Ltd now owns 703,600 shares of the technology company’s stock valued at $38,086,000 after acquiring an additional 351,800 shares during the last quarter. Veracity Capital LLC increased its stake in shares of Pegasystems by 117.3% during the second quarter. Veracity Capital LLC now owns 8,031 shares of the technology company’s stock worth $435,000 after purchasing an additional 4,335 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Pegasystems during the second quarter worth about $542,000. Strs Ohio acquired a new position in Pegasystems in the 1st quarter valued at about $1,054,000. Finally, Abacus FCF Advisors LLC raised its stake in shares of Pegasystems by 103.5% in the 2nd quarter. Abacus FCF Advisors LLC now owns 94,208 shares of the technology company’s stock valued at $5,099,000 after acquiring an additional 47,909 shares during the period. 46.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PEGA. Citigroup increased their price objective on shares of Pegasystems from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Wedbush raised their price target on shares of Pegasystems from $68.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Loop Capital raised their target price on shares of Pegasystems from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Pegasystems in a research note on Wednesday, October 8th. Finally, Barclays lifted their price target on shares of Pegasystems from $50.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 23rd. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Pegasystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.50.

Insider Transactions at Pegasystems

In other Pegasystems news, CFO Kenneth Stillwell sold 11,147 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $58.19, for a total transaction of $648,643.93. Following the completion of the transaction, the chief financial officer owned 119,868 shares of the company’s stock, valued at $6,975,118.92. This represents a 8.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Larry Weber sold 2,636 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.98, for a total value of $150,199.28. Following the completion of the sale, the director owned 10,632 shares in the company, valued at $605,811.36. The trade was a 19.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,607 shares of company stock valued at $7,644,274. 50.10% of the stock is currently owned by insiders.

Pegasystems Trading Down 2.2%

Shares of PEGA opened at $53.38 on Monday. The stock has a market cap of $9.13 billion, a P/E ratio of 45.82 and a beta of 1.08. The stock’s 50-day moving average price is $55.46 and its two-hundred day moving average price is $50.75. Pegasystems Inc. has a 1 year low of $29.84 and a 1 year high of $61.00.

Pegasystems (NASDAQ:PEGA) last announced its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The company had revenue of $384.51 million for the quarter, compared to analysts’ expectations of $345.07 million. Pegasystems had a return on equity of 42.42% and a net margin of 13.14%.The business’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 EPS. As a group, equities analysts forecast that Pegasystems Inc. will post 1.89 EPS for the current year.

Pegasystems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Wednesday, October 1st. Pegasystems’s dividend payout ratio (DPR) is currently 10.34%.

Pegasystems Profile

Pegasystems Inc develops, markets, licenses, hosts, and supports enterprise software in the United States, rest of the Americas, the United Kingdom, rest of Europe, the Middle East, Africa, and the Asia-Pacific. The company provides Pega Infinity, a software portfolio comprising of Pega Customer Decision Hub, a real-time AI-powered decision engine to enhance customer acquisition and experiences across inbound, outbound, and paid media channels; Pega Customer Service to anticipate customer needs, connect customers to people and systems, and automate customer interactions to evolve the customer service experience, as well as to allow enterprises to deliver interactions across channels and enhance employee productivity; and Pega Platform, an intelligent automation software for increasing efficiency of clients’ processes and workflows.