The Manufacturers Life Insurance Company Buys Shares of 67,114 Pegasystems Inc. $PEGA

The Manufacturers Life Insurance Company purchased a new position in Pegasystems Inc. (NASDAQ:PEGA) during the 2nd quarter, HoldingsChannel reports. The firm purchased 67,114 shares of the technology company’s stock, valued at approximately $2,011,000.

Other large investors also recently modified their holdings of the company. NewEdge Advisors LLC grew its stake in shares of Pegasystems by 1.4% in the third quarter. NewEdge Advisors LLC now owns 13,652 shares of the technology company’s stock worth $785,000 after acquiring an additional 189 shares during the last quarter. Amundi raised its stake in Pegasystems by 0.6% during the 4th quarter. Amundi now owns 39,881 shares of the technology company’s stock valued at $2,382,000 after purchasing an additional 249 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Pegasystems by 3.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,378 shares of the technology company’s stock valued at $500,000 after purchasing an additional 272 shares during the period. State of Michigan Retirement System boosted its holdings in Pegasystems by 1.4% in the 1st quarter. State of Michigan Retirement System now owns 22,000 shares of the technology company’s stock valued at $936,000 after purchasing an additional 300 shares during the period. Finally, 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 worth $37,000 after purchasing an additional 303 shares during the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Pegasystems Price Performance

PEGA opened at $37.32 on Thursday. The company has a market capitalization of $6.14 billion, a P/E ratio of 21.08 and a beta of 0.89. The firm’s fifty day moving average price is $31.89 and its two-hundred day moving average price is $36.42. Pegasystems Inc. has a fifty-two week low of $25.10 and a fifty-two week high of $68.10.

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

Pegasystems Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, July 1st. Pegasystems’s dividend payout ratio is 6.78%.

Analyst Ratings Changes

Several research firms have recently issued reports on PEGA. Barclays restated an “overweight” rating and set a $39.00 price objective (down from $48.00) on shares of Pegasystems in a report on Thursday, July 23rd. William Blair cut shares of Pegasystems from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 22nd. Loop Capital downgraded Pegasystems from a “buy” rating to a “hold” rating and decreased their target price for the stock from $55.00 to $25.00 in a research report on Thursday, July 23rd. KeyCorp lowered Pegasystems from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, July 22nd. Finally, Rosenblatt Securities cut their price target on Pegasystems from $58.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Pegasystems presently has a consensus rating of “Hold” and a consensus target price of $50.10.

Insider Transactions at Pegasystems

In other Pegasystems news, insider Rifat Kerim Akgonul sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $33.99, for a total transaction of $101,970.00. Following the completion of the transaction, the insider owned 108,049 shares in the company, valued at $3,672,585.51. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 48.40% of the stock is owned by company insiders.

Pegasystems Profile

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.