Citigroup Raises Pegasystems (NASDAQ:PEGA) Price Target to $70.00

Pegasystems (NASDAQ:PEGA - Get Free Report) had its price objective boosted by analysts at Citigroup from $66.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Citigroup's price target points to a potential upside of 16.76% from the company's previous close.

A number of other analysts also recently commented on PEGA. Royal Bank Of Canada restated an "outperform" rating and set a $60.00 price objective on shares of Pegasystems in a report on Tuesday, June 3rd. DA Davidson increased their price target on Pegasystems from $50.00 to $60.00 and gave the company a "neutral" rating in a report on Thursday. Wall Street Zen upgraded Pegasystems from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Loop Capital increased their price target on Pegasystems from $52.50 to $60.00 and gave the company a "buy" rating in a report on Monday, June 30th. Finally, JMP Securities increased their price target on Pegasystems from $55.00 to $62.50 and gave the company a "market outperform" rating in a report on Tuesday, June 3rd. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.80.

Pegasystems Trading Up 1.9%

Shares of NASDAQ:PEGA traded up $1.12 during trading on Thursday, hitting $59.95. 1,952,518 shares of the stock were exchanged, compared to its average volume of 2,038,448. Pegasystems has a 12-month low of $29.84 and a 12-month high of $60.26. The company has a fifty day moving average price of $51.29 and a two-hundred day moving average price of $45.65. The company has a market cap of $10.26 billion, a PE ratio of 51.46 and a beta of 1.13.

Pegasystems (NASDAQ:PEGA - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The technology company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.04. The firm had revenue of $384.51 million for the quarter, compared to analyst estimates of $345.07 million. Pegasystems had a return on equity of 42.42% and a net margin of 13.14%. Pegasystems's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. Equities research analysts anticipate that Pegasystems will post 1.89 earnings per share for the current fiscal year.

Insider Transactions at Pegasystems

In other Pegasystems news, CAO Efstathios A. Kouninis sold 1,196 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $51.50, for a total value of $61,594.00. Following the sale, the chief accounting officer owned 332 shares in the company, valued at approximately $17,098. This trade represents a 78.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Efstathios A. Kouninis sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $49.63, for a total transaction of $49,625.00. The disclosure for this sale can be found here. Insiders have sold a total of 241,588 shares of company stock valued at $13,769,343 over the last ninety days. Insiders own 50.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Allianz Asset Management GmbH lifted its position in shares of Pegasystems by 60.3% during the second quarter. Allianz Asset Management GmbH now owns 240,225 shares of the technology company's stock worth $13,003,000 after purchasing an additional 90,404 shares in the last quarter. New York State Teachers Retirement System lifted its position in shares of Pegasystems by 961.0% during the second quarter. New York State Teachers Retirement System now owns 43,490 shares of the technology company's stock worth $2,354,000 after purchasing an additional 39,391 shares in the last quarter. Bayforest Capital Ltd lifted its position in shares of Pegasystems by 244.0% during the second quarter. Bayforest Capital Ltd now owns 12,345 shares of the technology company's stock worth $668,000 after purchasing an additional 8,756 shares in the last quarter. Yousif Capital Management LLC acquired a new position in shares of Pegasystems during the second quarter worth approximately $1,623,000. Finally, CWM LLC lifted its position in shares of Pegasystems by 182.0% during the second quarter. CWM LLC now owns 132,441 shares of the technology company's stock worth $7,169,000 after purchasing an additional 85,484 shares in the last quarter. Institutional investors and hedge funds 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.