111,305 Shares in Pegasystems Inc. $PEGA Bought by OP Asset Management Ltd

Key Points

• OP Asset Management Ltd bought a new stake in Pegasystems during the first quarter, acquiring 111,305 shares worth about $4.74 million. The position represented 0.07% of the company.
• Several other institutional investors also added to or initiated positions, while 46.89% of Pegasystems stock is held by hedge funds and other institutions. Company insiders own 48.40% of the stock.
• Pingasystems reported weaker-than-expected quarterly results, with EPS of $0.46 versus the $0.68 estimate and revenue of $429.97 million versus expectations. Despite this, analysts remain broadly positive, with a consensus rating of Moderate Buy and a target price of $63.30.

OP Asset Management Ltd acquired a new stake in Pegasystems Inc. (NASDAQ:PEGA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 111,305 shares of the technology company's stock, valued at approximately $4,737,000. OP Asset Management Ltd owned 0.07% of Pegasystems as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Pegasystems in the fourth quarter worth approximately $28,000. EFG International AG purchased a new stake in shares of Pegasystems in the 4th quarter valued at approximately $32,000. Fifth Third Bancorp raised its holdings in shares of Pegasystems by 96.5% in the 4th quarter. Fifth Third Bancorp now owns 617 shares of the technology company's stock valued at $37,000 after purchasing an additional 303 shares in the last quarter. Bayforest Capital Ltd raised its holdings in shares of Pegasystems by 316.6% in the 4th quarter. Bayforest Capital Ltd now owns 704 shares of the technology company's stock valued at $42,000 after purchasing an additional 535 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Pegasystems by 386.3% during the 4th quarter. Brown Brothers Harriman & Co. now owns 710 shares of the technology company's stock worth $42,000 after purchasing an additional 564 shares during the last quarter. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Efstathios A. Kouninis sold 750 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.75, for a total value of $26,062.50. Following the completion of the sale, the chief accounting officer directly owned 2,894 shares of the company's stock, valued at approximately $100,566.50. This represents a 20.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rifat Kerim Akgonul sold 4,545 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $33.35, for a total value of $151,575.75. Following the transaction, the insider directly owned 107,070 shares in the company, valued at approximately $3,570,784.50. This represents a 4.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 6,795 shares of company stock worth $229,613. 48.40% of the stock is currently owned by company insiders.

Pegasystems Stock Up 7.2%

Shares of NASDAQ PEGA opened at $30.78 on Friday. The business has a 50-day moving average price of $34.67 and a 200 day moving average price of $43.87. The stock has a market cap of $5.14 billion, a PE ratio of 16.55 and a beta of 0.86. Pegasystems Inc. has a 52-week low of $28.66 and a 52-week high of $68.10.

Pegasystems (NASDAQ:PEGA - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The technology company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.22). The firm had revenue of $429.97 million for the quarter, compared to analyst estimates of $473.24 million. Pegasystems had a return on equity of 30.05% and a net margin of 20.04%.The company's quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the firm earned $0.76 EPS. Sell-side analysts anticipate that Pegasystems Inc. will post 1.93 earnings per share for the current year.

Pegasystems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, July 1st. Pegasystems's dividend payout ratio (DPR) is presently 6.45%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PEGA shares. Rosenblatt Securities reiterated a "buy" rating and set a $58.00 target price on shares of Pegasystems in a research note on Wednesday, June 10th. Citigroup reaffirmed a "market outperform" rating on shares of Pegasystems in a report on Wednesday, June 10th. DA Davidson reiterated a "buy" rating and issued a $55.00 price objective on shares of Pegasystems in a report on Wednesday, June 10th. Royal Bank Of Canada restated an "outperform" rating on shares of Pegasystems in a research note on Tuesday, June 9th. Finally, Weiss Ratings lowered shares of Pegasystems from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.30.

About Pegasystems

Pegasystems Inc is a software company specializing in customer engagement and digital process automation solutions. Headquartered in Cambridge, Massachusetts, Pegasystems develops enterprise applications designed to help organizations streamline operations, manage customer interactions and automate complex workflows. Its platform supports a wide range of use cases, from sales and marketing optimization to case management and robotic process automation.

The core of Pegasystems' offering is the Pega Platform, a low-code development environment that enables businesses to build and deploy applications with minimal hand-coding.

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