Bank of America Corp DE Has $26.73 Million Stake in Pegasystems Inc. $PEGA

Key Points

• Bank of America increased its Pegasystems stake by 55.6% in the first quarter, adding 224,506 shares to own 628,100 shares worth approximately $26.7 million. Institutional investors and hedge funds collectively own 46.89% of PEGA.
• Analyst sentiment is mixed, with six Buy ratings and seven Hold ratings; the stock has an average rating of Hold and an average price target of $50.10, compared with a recent price of $32.32.
• Pegasystems reported quarterly EPS of $0.35, below the $0.43 consensus estimate, while revenue rose 9.4% year over year to $420.72 million. The company also paid a quarterly dividend of $0.03 per share, yielding approximately 0.4% annually.

Bank of America Corp DE grew its position in Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 55.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 628,100 shares of the technology company's stock after purchasing an additional 224,506 shares during the period. Bank of America Corp DE owned approximately 0.38% of Pegasystems worth $26,732,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PEGA. Sei Investments Co. raised its holdings in shares of Pegasystems by 52.9% in the first quarter. Sei Investments Co. now owns 1,052,205 shares of the technology company's stock valued at $44,782,000 after purchasing an additional 363,896 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Pegasystems by 117.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 814,062 shares of the technology company's stock worth $34,427,000 after purchasing an additional 439,417 shares during the last quarter. Norges Bank acquired a new position in Pegasystems during the fourth quarter worth $31,905,000. Fisher Asset Management LLC boosted its holdings in Pegasystems by 3.0% during the fourth quarter. Fisher Asset Management LLC now owns 1,170,377 shares of the technology company's stock worth $69,895,000 after purchasing an additional 33,643 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Pegasystems by 259.7% in the fourth quarter. Los Angeles Capital Management LLC now owns 411,262 shares of the technology company's stock valued at $26,144,000 after purchasing an additional 296,916 shares in the last quarter. 46.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PEGA has been the topic of several recent research reports. Royal Bank Of Canada set a $35.00 price target on shares of Pegasystems and gave the company an "outperform" rating in a research note on Thursday, July 23rd. DA Davidson set a $32.00 price objective on shares of Pegasystems and gave the stock a "buy" rating in a research note on Friday, July 24th. Barclays restated an "overweight" rating and issued a $39.00 price objective (down from $48.00) on shares of Pegasystems in a report on Thursday, July 23rd. Citizens Jmp lowered Pegasystems from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 22nd. Finally, Rosenblatt Securities reduced their price target on Pegasystems from $58.00 to $47.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $50.10.

Pegasystems Price Performance

Pegasystems stock opened at $32.32 on Monday. The company's 50-day moving average is $31.13 and its 200-day moving average is $37.13. The firm has a market capitalization of $5.31 billion, a PE ratio of 18.26 and a beta of 0.87. Pegasystems Inc. has a fifty-two week low of $25.10 and a fifty-two week high of $68.10.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.08). The firm had revenue of $420.72 million during the quarter, compared to analyst estimates of $427.38 million. Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $0.28 earnings per share. As a group, analysts expect that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Announces Dividend

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

Insider Buying and Selling at Pegasystems

In other Pegasystems news, insider Rifat Kerim Akgonul sold 4,545 shares of the stock in a transaction dated Tuesday, May 19th. The shares were 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 of the company's stock, valued at $3,570,784.50. This represents a 4.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Efstathios A. Kouninis sold 750 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $36.99, for a total value of $27,742.50. Following the sale, the chief accounting officer owned 2,144 shares of the company's stock, valued at approximately $79,306.56. This represents a 25.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,795 shares of company stock valued at $229,613 in the last ninety days. Insiders own 48.40% of the company's stock.

Pegasystems Company Profile

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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