Edgestream Partners L.P. Buys 45,646 Shares of Pegasystems Inc. (NASDAQ:PEGA)

Edgestream Partners L.P. boosted its position in shares of Pegasystems Inc. (NASDAQ:PEGA) by 254.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,607 shares of the technology company’s stock after purchasing an additional 45,646 shares during the period. Edgestream Partners L.P. owned about 0.07% of Pegasystems worth $3,850,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bares Capital Management Inc. grew its holdings in shares of Pegasystems by 1.6% during the fourth quarter. Bares Capital Management Inc. now owns 5,862,346 shares of the technology company’s stock worth $286,434,000 after buying an additional 90,993 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Pegasystems by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 5,369,237 shares of the technology company’s stock worth $347,067,000 after acquiring an additional 250,273 shares in the last quarter. Ranger Investment Management L.P. raised its holdings in shares of Pegasystems by 29.9% in the fourth quarter. Ranger Investment Management L.P. now owns 625,471 shares of the technology company’s stock valued at $30,561,000 after purchasing an additional 143,986 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Pegasystems by 6.9% in the second quarter. Acadian Asset Management LLC now owns 533,948 shares of the technology company’s stock worth $32,304,000 after purchasing an additional 34,416 shares in the last quarter. Finally, Norges Bank acquired a new position in Pegasystems during the fourth quarter worth $22,784,000. Institutional investors and hedge funds own 46.89% of the company’s stock.

Analyst Ratings Changes

PEGA has been the topic of several analyst reports. Barclays boosted their price target on shares of Pegasystems from $69.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Citigroup reduced their price target on Pegasystems from $87.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. The Goldman Sachs Group boosted their price target on Pegasystems from $70.00 to $78.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Pegasystems in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Pegasystems from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $82.60.

Insiders Place Their Bets

In other news, insider Leon Trefler sold 752 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $60.21, for a total value of $45,277.92. Following the completion of the sale, the insider now owns 39,164 shares of the company’s stock, valued at $2,358,064.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Efstathios A. Kouninis sold 750 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $72.09, for a total value of $54,067.50. Following the completion of the transaction, the chief accounting officer now owns 752 shares of the company’s stock, valued at $54,211.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Leon Trefler sold 752 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $60.21, for a total value of $45,277.92. Following the sale, the insider now owns 39,164 shares in the company, valued at approximately $2,358,064.44. The disclosure for this sale can be found here. Insiders have sold 47,955 shares of company stock worth $3,303,771 in the last 90 days. Company insiders own 50.10% of the company’s stock.

Pegasystems Stock Performance

NASDAQ PEGA opened at $66.47 on Wednesday. The stock has a market cap of $5.68 billion, a PE ratio of 81.06 and a beta of 1.07. The firm has a 50-day moving average of $65.99 and a 200-day moving average of $62.57. Pegasystems Inc. has a 52-week low of $37.66 and a 52-week high of $72.74.

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

Pegasystems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date is Tuesday, October 1st. Pegasystems’s dividend payout ratio is 14.63%.

About Pegasystems

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.