Allianz Asset Management GmbH Purchases New Shares in Pegasystems Inc. $PEGA

Key Points

• Allianz Asset Management acquired 34,480 Pegasystems shares during the second quarter, valued at approximately $1.03 million. Hedge funds and other institutional investors collectively own 46.89% of PEGA.
• Analyst sentiment is mixed: six analysts rate the stock Buy, six Hold and one Sell. The consensus rating is Hold, with an average price target of $50.10, although several firms recently lowered their targets.
• Pegasystems reported quarterly EPS of $0.35, below the $0.43 consensus estimate, while revenue of $420.72 million also missed expectations. The stock opened at $35.03, compared with a 52-week range of $25.10 to $68.10.

Allianz Asset Management GmbH acquired a new stake in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 34,480 shares of the technology company's stock, valued at approximately $1,033,000.

A number of other hedge funds have also recently bought and sold shares of PEGA. International Assets Investment Management LLC bought a new position in shares of Pegasystems during the fourth quarter valued at about $28,000. EFG International AG bought a new stake in Pegasystems in the 4th quarter worth about $32,000. Signature Equity Partners LLC grew its position in Pegasystems by 302.2% in the 1st quarter. Signature Equity Partners LLC now owns 929 shares of the technology company's stock worth $40,000 after purchasing an additional 698 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Pegasystems in the 2nd quarter valued at about $41,000. Finally, Allworth Financial LP purchased a new stake in Pegasystems in the 2nd quarter valued at about $42,000. 46.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PEGA shares. DA Davidson set a $32.00 target price on Pegasystems and gave the stock a "buy" rating in a research note on Friday, July 24th. Loop Capital downgraded Pegasystems from a "buy" rating to a "hold" rating and decreased their price target for the company from $55.00 to $25.00 in a research report on Thursday, July 23rd. Rosenblatt Securities dropped their price target on Pegasystems from $58.00 to $47.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Barclays reissued an "overweight" rating and issued a $39.00 price objective (down from $48.00) on shares of Pegasystems in a research report on Thursday, July 23rd. Finally, Zacks Research lowered Pegasystems from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 25th. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Pegasystems currently has an average rating of "Hold" and a consensus price target of $50.10.

Insider Transactions at Pegasystems

In related news, CAO Efstathios Kouninis sold 1,063 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $38.75, for a total value of $41,191.25. Following the completion of the transaction, the chief accounting officer directly owned 1,164 shares of the company's stock, valued at approximately $45,105. This trade represents a 47.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kerim Akgonul sold 3,000 shares of Pegasystems stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $33.99, for a total transaction of $101,970.00. Following the completion of the transaction, the insider owned 108,049 shares of the company's stock, valued at $3,672,585.51. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,813 shares of company stock valued at $167,394 in the last quarter. Company insiders own 48.40% of the company's stock.

Pegasystems Price Performance

NASDAQ:PEGA opened at $35.03 on Thursday. The company has a market capitalization of $5.76 billion, a P/E ratio of 19.79 and a beta of 0.89. The business has a fifty day simple moving average of $32.53 and a two-hundred day simple moving average of $36.15. Pegasystems Inc. has a 1 year low of $25.10 and a 1 year high of $68.10.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued its quarterly 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 firm had revenue of $420.72 million for the quarter, compared to analysts' expectations of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.28 EPS. As a group, analysts anticipate that Pegasystems Inc. will post 1.71 earnings per share for the current year.

Pegasystems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.12 annualized dividend and a yield of 0.3%. Pegasystems's dividend payout ratio is 6.78%.

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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