Pegasystems (NASDAQ:PEGA) Given New $62.00 Price Target at Rosenblatt Securities

Pegasystems (NASDAQ:PEGA) had its price objective cut by Rosenblatt Securities from $70.00 to $62.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research firms have also recently issued reports on PEGA. Barclays boosted their target price on shares of Pegasystems from $58.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, October 23rd. DA Davidson upgraded Pegasystems from a “neutral” rating to a “buy” rating and lifted their price target for the company from $60.00 to $85.00 in a research note on Wednesday, October 22nd. Wedbush increased their price target on Pegasystems from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. KeyCorp set a $60.00 price objective on Pegasystems in a research report on Thursday. Finally, Wall Street Zen upgraded Pegasystems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 31st. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Pegasystems has a consensus rating of “Moderate Buy” and a consensus price target of $70.55.

Pegasystems Stock Up 5.0%

Pegasystems stock opened at $40.12 on Friday. The business’s 50-day moving average price is $55.14 and its 200 day moving average price is $56.24. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 26.93 and a beta of 1.07. Pegasystems has a 52 week low of $29.84 and a 52 week high of $68.10.

Pegasystems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, January 2nd. Pegasystems’s payout ratio is presently 8.05%.

Insider Buying and Selling at Pegasystems

In other news, CFO Kenneth Stillwell sold 14,405 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $57.87, for a total value of $833,617.35. Following the completion of the sale, the chief financial officer directly owned 131,621 shares in the company, valued at $7,616,907.27. This represents a 9.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Rifat Kerim Akgonul sold 4,000 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $60.19, for a total transaction of $240,760.00. Following the transaction, the insider owned 112,845 shares in the company, valued at $6,792,140.55. The trade was a 3.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 108,405 shares of company stock worth $5,896,127. Corporate insiders own 49.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Legato Capital Management LLC increased its holdings in shares of Pegasystems by 144.6% in the fourth quarter. Legato Capital Management LLC now owns 31,185 shares of the technology company’s stock valued at $1,862,000 after purchasing an additional 18,435 shares during the last quarter. Prescott Group Capital Management L.L.C. boosted its stake in Pegasystems by 38.6% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 72,071 shares of the technology company’s stock worth $4,304,000 after buying an additional 20,071 shares during the last quarter. Leonteq Securities AG purchased a new stake in Pegasystems in the 4th quarter valued at $58,000. PNC Financial Services Group Inc. increased its stake in shares of Pegasystems by 3.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,378 shares of the technology company’s stock worth $500,000 after acquiring an additional 272 shares during the last quarter. Finally, HighTower Advisors LLC increased its stake in shares of Pegasystems by 15.0% in the 4th quarter. HighTower Advisors LLC now owns 7,263 shares of the technology company’s stock worth $434,000 after acquiring an additional 948 shares during 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.