Citigroup Boosts Pegasystems (NASDAQ:PEGA) Price Target to $92.00

Pegasystems (NASDAQ:PEGA) had its price objective raised by Citigroup from $87.00 to $92.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

PEGA has been the topic of several other reports. William Blair upgraded Pegasystems from a market perform rating to an outperform rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on Pegasystems from $78.00 to $83.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. Royal Bank of Canada raised their price objective on shares of Pegasystems from $77.00 to $90.00 and gave the stock an outperform rating in a research note on Friday, July 26th. JMP Securities upgraded shares of Pegasystems from a market perform rating to an outperform rating and set a $85.00 target price for the company in a research note on Wednesday, July 31st. Finally, Rosenblatt Securities raised their price target on shares of Pegasystems from $75.00 to $90.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $83.60.

Pegasystems Stock Performance

PEGA opened at $72.21 on Wednesday. The firm has a market cap of $6.14 billion, a P/E ratio of 88.06 and a beta of 1.07. The business has a 50 day moving average price of $67.47 and a 200 day moving average price of $62.89. Pegasystems has a twelve month low of $37.66 and a twelve month high of $74.40.

Pegasystems (NASDAQ:PEGA) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.30. Pegasystems had a net margin of 8.72% and a return on equity of 49.62%. The business had revenue of $351.20 million during the quarter, compared to analysts’ expectations of $323.55 million. During the same period in the previous year, the company earned ($0.41) earnings per share. Pegasystems’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, analysts anticipate that Pegasystems will post 1.54 earnings per share for the current fiscal year.

Pegasystems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a $0.03 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.17%. Pegasystems’s dividend payout ratio is currently 14.63%.

Insider Buying and Selling

In other Pegasystems news, insider Leon Trefler sold 752 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $72.09, for a total value of $54,211.68. Following the sale, the insider now directly owns 38,412 shares in the company, valued at $2,769,121.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Kenneth Stillwell sold 2,000 shares of Pegasystems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $59.78, for a total value of $119,560.00. Following the completion of the transaction, the chief financial officer now owns 22,197 shares in the company, valued at $1,326,936.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Leon Trefler sold 752 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $72.09, for a total value of $54,211.68. Following the completion of the transaction, the insider now directly owns 38,412 shares in the company, valued at $2,769,121.08. The disclosure for this sale can be found here. Insiders sold 46,955 shares of company stock worth $3,243,771 in the last 90 days. 50.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pegasystems

Several institutional investors have recently bought and sold shares of the business. Kestra Investment Management LLC bought a new stake in shares of Pegasystems during the second quarter worth $378,000. Seaport Global Advisors LLC lifted its position in shares of Pegasystems by 83.9% during the second quarter. Seaport Global Advisors LLC now owns 15,200 shares of the technology company’s stock worth $920,000 after purchasing an additional 6,935 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its stake in shares of Pegasystems by 38.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 43,790 shares of the technology company’s stock valued at $2,651,000 after purchasing an additional 12,269 shares during the last quarter. Luxor Capital Group LP increased its holdings in shares of Pegasystems by 7.9% in the second quarter. Luxor Capital Group LP now owns 683,939 shares of the technology company’s stock valued at $41,399,000 after purchasing an additional 49,861 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in Pegasystems by 124.6% in the 2nd quarter. Mackenzie Financial Corp now owns 97,427 shares of the technology company’s stock worth $5,897,000 after purchasing an additional 54,058 shares during the last quarter. Institutional investors own 46.89% of the company’s stock.

Pegasystems Company 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.