Bank of America Corp DE Sells 392,402 Shares of Pegasystems Inc. (NASDAQ:PEGA)

Bank of America Corp DE reduced its stake in Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 77.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 114,049 shares of the technology company's stock after selling 392,402 shares during the quarter. Bank of America Corp DE owned approximately 0.13% of Pegasystems worth $10,629,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PEGA. Principal Securities Inc. raised its position in shares of Pegasystems by 150.5% in the fourth quarter. Principal Securities Inc. now owns 278 shares of the technology company's stock valued at $26,000 after purchasing an additional 167 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Pegasystems by 85.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 323 shares of the technology company's stock worth $30,000 after acquiring an additional 149 shares during the period. Proficio Capital Partners LLC acquired a new position in Pegasystems during the 4th quarter worth $61,000. Global Retirement Partners LLC boosted its holdings in Pegasystems by 48.0% during the fourth quarter. Global Retirement Partners LLC now owns 789 shares of the technology company's stock valued at $74,000 after acquiring an additional 256 shares during the period. Finally, Covestor Ltd boosted its holdings in Pegasystems by 75.0% during the fourth quarter. Covestor Ltd now owns 1,493 shares of the technology company's stock valued at $140,000 after acquiring an additional 640 shares during the period. Institutional investors own 46.89% of the company's stock.

Insider Transactions at Pegasystems

In related news, CAO Efstathios A. Kouninis sold 500 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $99.25, for a total transaction of $49,625.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Efstathios A. Kouninis sold 658 shares of the business's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $89.90, for a total value of $59,154.20. Following the completion of the transaction, the chief accounting officer now directly owns 1,000 shares in the company, valued at approximately $89,900. This represents a 39.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,520 shares of company stock valued at $7,364,405. 49.70% of the stock is owned by insiders.

Pegasystems Stock Performance

NASDAQ PEGA traded up $0.05 during trading on Tuesday, reaching $96.09. 1,079,262 shares of the company traded hands, compared to its average volume of 753,700. Pegasystems Inc. has a 1-year low of $55.71 and a 1-year high of $113.67. The company has a market cap of $8.22 billion, a price-to-earnings ratio of 95.14 and a beta of 1.14. The stock's 50 day moving average price is $81.55 and its two-hundred day moving average price is $88.32.

Pegasystems Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.015 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $0.06 annualized dividend and a yield of 0.06%. Pegasystems's dividend payout ratio is currently 5.83%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PEGA shares. KeyCorp cut their price objective on Pegasystems from $118.00 to $94.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JMP Securities reiterated a "market outperform" rating and set a $110.00 price target on shares of Pegasystems in a report on Thursday, February 13th. Wall Street Zen upgraded shares of Pegasystems from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Barclays reaffirmed a "positive" rating on shares of Pegasystems in a research report on Thursday, April 24th. Finally, Wedbush reissued an "outperform" rating and issued a $125.00 price target on shares of Pegasystems in a report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Pegasystems currently has an average rating of "Moderate Buy" and an average price target of $100.27.

Pegasystems Profile

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.