Barclays Raises Pegasystems (NASDAQ:PEGA) Price Target to $100.00

Pegasystems (NASDAQ:PEGA - Get Free Report) had its target price boosted by research analysts at Barclays from $96.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Barclays's target price would suggest a potential downside of 1.81% from the company's current price.

PEGA has been the subject of a number of other research reports. Loop Capital reissued a "buy" rating and issued a $105.00 price objective (up previously from $85.00) on shares of Pegasystems in a report on Thursday, April 24th. Wall Street Zen raised shares of Pegasystems from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 6th. KeyCorp dropped their price objective on shares of Pegasystems from $118.00 to $94.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. JMP Securities upped their price objective on shares of Pegasystems from $110.00 to $125.00 and gave the company a "market outperform" rating in a report on Tuesday. Finally, Wedbush reissued an "outperform" rating and issued a $125.00 price objective on shares of Pegasystems in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $104.00.

Pegasystems Stock Up 0.4%

Shares of Pegasystems stock traded up $0.43 during trading hours on Wednesday, reaching $101.84. 800,665 shares of the company's stock were exchanged, compared to its average volume of 762,123. Pegasystems has a 1 year low of $55.90 and a 1 year high of $113.67. The business has a fifty day moving average of $85.00 and a two-hundred day moving average of $88.78. The company has a market capitalization of $8.72 billion, a P/E ratio of 100.83 and a beta of 1.14.

Insider Transactions at Pegasystems

In other Pegasystems news, CAO Efstathios A. Kouninis sold 658 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $89.90, for a total value of $59,154.20. Following the transaction, the chief accounting officer now directly owns 1,000 shares in the company, valued at $89,900. This represents a 39.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Alan Trefler sold 31,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $70.93, for a total transaction of $2,234,295.00. Following the completion of the transaction, the chairman now owns 17,247,614 shares in the company, valued at $1,223,373,261.02. This represents a 0.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 127,087 shares of company stock valued at $10,299,146. 49.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pegasystems

Several hedge funds have recently added to or reduced their stakes in PEGA. Massachusetts Financial Services Co. MA purchased a new position in shares of Pegasystems during the first quarter worth approximately $151,149,000. Invesco Ltd. grew its position in shares of Pegasystems by 189.0% during the fourth quarter. Invesco Ltd. now owns 2,364,242 shares of the technology company's stock worth $220,347,000 after acquiring an additional 1,546,281 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Pegasystems during the first quarter worth approximately $68,229,000. Thrivent Financial for Lutherans purchased a new position in shares of Pegasystems during the fourth quarter worth approximately $66,542,000. Finally, Franklin Resources Inc. grew its position in shares of Pegasystems by 398.4% during the fourth quarter. Franklin Resources Inc. now owns 702,838 shares of the technology company's stock worth $65,505,000 after acquiring an additional 561,807 shares during the last quarter. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

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.