50,503 Shares in Pegasystems Inc. $PEGA Purchased by NewEdge Wealth LLC

Key Points

• NewEdge Wealth LLC purchased 50,503 Pegasystems shares worth approximately $1.5 million in the second quarter. Other major investors, including BlackRock, AQR Capital Management, and State Street, also increased or initiated positions; institutions and hedge funds own 46.89% of the stock.
• Pegasystems reported quarterly EPS of $0.35, below analysts’ $0.43 estimate, while revenue rose 9.4% year over year to $420.72 million, slightly missing expectations. The company continues to pay a quarterly dividend of $0.03 per share, yielding about 0.4% annually.
• Analyst sentiment is mixed, with six Buy ratings and seven Hold ratings, producing an overall Hold consensus and an average price target of $50.10. Recent price targets ranged from $25 to $39, while PEGA opened at $33.56.

NewEdge Wealth LLC purchased a new stake in Pegasystems Inc. (NASDAQ:PEGA - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 50,503 shares of the technology company's stock, valued at approximately $1,514,000.

A number of other large investors also recently bought and sold shares of PEGA. BlackRock Inc. acquired a new stake in shares of Pegasystems during the 2nd quarter worth approximately $286,923,000. AQR Capital Management LLC lifted its stake in shares of Pegasystems by 236.2% in the 2nd quarter. AQR Capital Management LLC now owns 4,037,552 shares of the technology company's stock valued at $217,584,000 after purchasing an additional 2,836,733 shares during the period. State Street Corp boosted its holdings in Pegasystems by 255.3% during the second quarter. State Street Corp now owns 2,907,677 shares of the technology company's stock worth $157,393,000 after buying an additional 2,089,375 shares in the last quarter. Copeland Capital Management LLC purchased a new stake in Pegasystems during the first quarter worth $47,817,000. Finally, Capital Impact Advisors LLC acquired a new stake in Pegasystems during the fourth quarter valued at $45,705,000. 46.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pegasystems

In other Pegasystems news, CAO Efstathios A. Kouninis sold 750 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $34.75, for a total transaction of $26,062.50. Following the completion of the transaction, the chief accounting officer owned 2,894 shares of the company's stock, valued at $100,566.50. This represents a 20.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 2,250 shares of company stock worth $78,038 over the last ninety days. 48.40% of the stock is owned by corporate insiders.

Pegasystems Stock Down 0.1%

PEGA opened at $33.56 on Friday. The firm's fifty day simple moving average is $31.08 and its two-hundred day simple moving average is $36.72. Pegasystems Inc. has a 52-week low of $25.10 and a 52-week high of $68.10. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 18.96 and a beta of 0.87.

Pegasystems (NASDAQ:PEGA - Get Free Report) last released its earnings results on Tuesday, July 21st. The technology company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.08). The company had revenue of $420.72 million for the quarter, compared to analysts' expectations of $427.38 million. Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. On average, research analysts forecast that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, July 1st. Pegasystems's payout ratio is 6.78%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PEGA. Weiss Ratings downgraded shares of Pegasystems from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. KeyCorp lowered Pegasystems from an "overweight" rating to a "sector weight" rating in a research note on Wednesday, July 22nd. Barclays reaffirmed an "overweight" rating and issued a $39.00 price target (down from $48.00) on shares of Pegasystems in a report on Thursday, July 23rd. Loop Capital downgraded Pegasystems from a "buy" rating to a "hold" rating and lowered their price target for the stock from $55.00 to $25.00 in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $35.00 price objective on Pegasystems and gave the company an "outperform" rating in a report on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Pegasystems currently has an average rating of "Hold" and an average price target of $50.10.

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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