Allianz Asset Management GmbH Increases Stock Position in Pegasystems Inc. $PEGA

Allianz Asset Management GmbH lifted its holdings in Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 60.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 240,225 shares of the technology company's stock after purchasing an additional 90,404 shares during the period. Allianz Asset Management GmbH owned about 0.14% of Pegasystems worth $13,003,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Amalgamated Bank lifted its position in shares of Pegasystems by 5.3% in the 1st quarter. Amalgamated Bank now owns 3,060 shares of the technology company's stock worth $213,000 after purchasing an additional 153 shares during the period. GAMMA Investing LLC lifted its position in shares of Pegasystems by 50.5% in the 1st quarter. GAMMA Investing LLC now owns 599 shares of the technology company's stock worth $42,000 after purchasing an additional 201 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of Pegasystems by 139.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 549 shares of the technology company's stock worth $38,000 after purchasing an additional 320 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Pegasystems by 2.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,756 shares of the technology company's stock worth $956,000 after purchasing an additional 370 shares during the period. Finally, UMB Bank n.a. lifted its position in shares of Pegasystems by 159.8% in the 2nd quarter. UMB Bank n.a. now owns 730 shares of the technology company's stock worth $40,000 after purchasing an additional 449 shares during the period. Hedge funds and other institutional investors own 46.89% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Pegasystems from $66.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Loop Capital boosted their price objective on shares of Pegasystems from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Rosenblatt Securities boosted their price objective on shares of Pegasystems from $61.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, October 15th. Barclays boosted their price objective on shares of Pegasystems from $50.00 to $58.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 23rd. Finally, Wall Street Zen lowered shares of Pegasystems from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.50.

Pegasystems Trading Up 2.6%

Shares of Pegasystems stock opened at $54.79 on Tuesday. Pegasystems Inc. has a 12-month low of $29.84 and a 12-month high of $61.00. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of 47.03 and a beta of 1.08. The firm's 50 day simple moving average is $55.57 and its two-hundred day simple moving average is $50.92.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued its quarterly 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. Pegasystems had a net margin of 13.14% and a return on equity of 42.42%. The business had revenue of $384.51 million for the quarter, compared to analyst estimates of $345.07 million. During the same quarter in the prior year, the business posted $0.26 EPS. Pegasystems's revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts predict that Pegasystems Inc. will post 1.89 EPS for the current fiscal year.

Pegasystems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st were paid a dividend of $0.03 per share. The ex-dividend date was Wednesday, October 1st. This represents a $0.12 dividend on an annualized basis and a yield of 0.2%. Pegasystems's dividend payout ratio is presently 10.34%.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, CFO Kenneth Stillwell sold 11,147 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $58.19, for a total transaction of $648,643.93. Following the transaction, the chief financial officer owned 119,868 shares in the company, valued at approximately $6,975,118.92. This represents a 8.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Efstathios A. Kouninis sold 2,544 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $59.00, for a total transaction of $150,096.00. The disclosure for this sale can be found here. Insiders have sold a total of 132,607 shares of company stock worth $7,644,274 in the last three months. 49.70% of the stock is owned by company insiders.

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.

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