Pegasystems (NASDAQ:PEGA) Receives "Buy" Rating from Citigroup

Pegasystems (NASDAQ:PEGA - Get Free Report)'s stock had its "buy" rating restated by analysts at Citigroup in a research note issued on Wednesday, MarketBeat reports. They currently have a $66.00 target price on the technology company's stock. Citigroup's price target indicates a potential upside of 24.03% from the company's current price.

Other research analysts have also recently issued research reports about the stock. Rosenblatt Securities restated a "buy" rating and set a $56.00 target price on shares of Pegasystems in a research note on Tuesday. DA Davidson upped their price objective on Pegasystems from $47.50 to $50.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. JMP Securities increased their target price on Pegasystems from $55.00 to $62.50 and gave the stock a "market outperform" rating in a research report on Tuesday, June 3rd. KeyCorp lowered their price target on Pegasystems from $59.00 to $47.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Wedbush restated an "outperform" rating and issued a $62.50 price target on shares of Pegasystems in a research note on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Pegasystems has an average rating of "Moderate Buy" and a consensus price target of $53.36.

Pegasystems Stock Performance

Shares of NASDAQ PEGA traded up $1.01 during trading on Wednesday, hitting $53.21. The company had a trading volume of 479,986 shares, compared to its average volume of 2,008,096. Pegasystems has a 12 month low of $28.31 and a 12 month high of $56.83. The firm has a market capitalization of $9.11 billion, a P/E ratio of 51.64 and a beta of 1.11. The stock has a 50 day simple moving average of $47.86 and a 200 day simple moving average of $44.84.

Insider Activity

In other news, CFO Kenneth Stillwell sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $34.88, for a total value of $139,500.00. Following the sale, the chief financial officer now directly owns 42,490 shares of the company's stock, valued at approximately $1,481,838.75. The trade was a 8.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alan Trefler sold 31,500 shares of Pegasystems stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $100.83, for a total value of $3,176,145.00. Following the completion of the transaction, the chairman now owns 17,027,892 shares of the company's stock, valued at $1,716,922,350.36. The trade was a 0.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,530 shares of company stock worth $15,550,231 over the last three months. Insiders own 49.70% of the company's stock.

Institutional Investors Weigh In On Pegasystems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Securities Inc. boosted its holdings in shares of Pegasystems by 150.5% in the fourth quarter. Principal Securities Inc. now owns 278 shares of the technology company's stock valued at $26,000 after acquiring an additional 167 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Pegasystems by 85.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 323 shares of the technology company's stock valued at $30,000 after acquiring an additional 149 shares in the last quarter. CX Institutional purchased a new stake in Pegasystems in the 1st quarter valued at approximately $36,000. SBI Securities Co. Ltd. lifted its position in shares of Pegasystems by 139.7% in the first quarter. SBI Securities Co. Ltd. now owns 549 shares of the technology company's stock valued at $38,000 after acquiring an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Pegasystems by 50.5% in the 1st quarter. GAMMA Investing LLC now owns 599 shares of the technology company's stock valued at $42,000 after purchasing an additional 201 shares during the last quarter. Hedge funds and other institutional investors own 46.89% of the company's stock.

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.