Rosenblatt Securities Reiterates “Buy” Rating for Pegasystems (NASDAQ:PEGA)

Pegasystems (NASDAQ:PEGA)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $58.00 price objective on the technology company’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 85.42% from the stock’s current price.

Several other brokerages also recently weighed in on PEGA. Citigroup reiterated a “market outperform” rating on shares of Pegasystems in a report on Wednesday, June 10th. Zacks Research cut shares of Pegasystems from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 24th. DA Davidson reaffirmed a “buy” rating and set a $55.00 target price on shares of Pegasystems in a research note on Wednesday, June 10th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Pegasystems in a report on Tuesday, June 9th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $58.00 target price on shares of Pegasystems in a research report on Wednesday, June 10th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.30.

Pegasystems Trading Up 2.0%

NASDAQ PEGA opened at $31.28 on Thursday. The company’s 50 day moving average is $32.82 and its two-hundred day moving average is $41.07. Pegasystems has a 12 month low of $28.66 and a 12 month high of $68.10. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 16.82 and a beta of 0.87.

Pegasystems (NASDAQ:PEGA) last released its 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 net margin of 20.04% and a return on equity of 30.05%. The company had revenue of $429.97 million for the quarter, compared to the consensus estimate of $473.24 million. During the same period in the prior year, the firm posted $0.76 EPS. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. Sell-side analysts forecast that Pegasystems will post 1.93 EPS for the current year.

Insider Activity

In other news, CAO Efstathios A. Kouninis sold 750 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $34.75, for a total transaction of $26,062.50. Following the transaction, the chief accounting officer owned 2,894 shares of the company’s stock, valued at approximately $100,566.50. This represents a 20.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Rifat Kerim Akgonul sold 4,545 shares of Pegasystems stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $33.35, for a total transaction of $151,575.75. Following the sale, the insider owned 107,070 shares in the company, valued at $3,570,784.50. This represents a 4.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 6,795 shares of company stock worth $229,613. Insiders own 48.40% of the company’s stock.

Institutional Investors Weigh In On Pegasystems

A number of hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC boosted its holdings in shares of Pegasystems by 141,900.0% in the 1st quarter. NewEdge Advisors LLC now owns 4,260 shares of the technology company’s stock valued at $296,000 after buying an additional 4,257 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Pegasystems by 450.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,844 shares of the technology company’s stock valued at $128,000 after purchasing an additional 1,509 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Pegasystems by 5.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 248,168 shares of the technology company’s stock worth $17,253,000 after purchasing an additional 13,075 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Pegasystems by 18.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 155,783 shares of the technology company’s stock valued at $10,830,000 after buying an additional 23,713 shares during the last quarter. Finally, Focus Partners Wealth lifted its stake in shares of Pegasystems by 55.0% in the first quarter. Focus Partners Wealth now owns 5,476 shares of the technology company’s stock worth $381,000 after acquiring an additional 1,943 shares during the period. Institutional investors and hedge funds own 46.89% of the company’s stock.

Pegasystems Company 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.