Pegasystems Inc. (NASDAQ:PEGA) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 77.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm 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.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Freestone Grove Partners LP acquired a new stake in Pegasystems during the fourth quarter valued at $219,000. Voleon Capital Management LP acquired a new stake in Pegasystems during the fourth quarter valued at $506,000. Utah Retirement Systems acquired a new stake in Pegasystems during the fourth quarter valued at $214,000. AQR Capital Management LLC grew its position in Pegasystems by 1.1% during the fourth quarter. AQR Capital Management LLC now owns 749,868 shares of the technology company's stock valued at $69,888,000 after buying an additional 7,865 shares during the period. Finally, Northern Trust Corp grew its position in Pegasystems by 15.8% during the fourth quarter. Northern Trust Corp now owns 258,974 shares of the technology company's stock valued at $24,136,000 after buying an additional 35,428 shares during the period. Institutional investors and hedge funds own 46.89% of the company's stock.

Pegasystems Stock Performance

Shares of NASDAQ:PEGA traded up $0.37 during midday trading on Wednesday, hitting $96.46. The company's stock had a trading volume of 369,836 shares, compared to its average volume of 752,290. The business's 50 day simple moving average is $82.03 and its 200 day simple moving average is $88.38. Pegasystems Inc. has a 12-month low of $55.71 and a 12-month high of $113.67. The company has a market cap of $8.25 billion, a P/E ratio of 95.82 and a beta of 1.14.

Pegasystems Cuts Dividend

The company also recently announced 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. This represents a $0.06 dividend on an annualized basis and a yield of 0.06%. The ex-dividend date was Tuesday, April 1st. Pegasystems's dividend payout ratio (DPR) is presently 5.83%.

Analysts Set New Price Targets

PEGA has been the topic of several recent analyst reports. KeyCorp decreased their price objective on shares of Pegasystems from $118.00 to $94.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada increased their price objective on shares of Pegasystems from $100.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Citigroup decreased their price objective on shares of Pegasystems from $119.00 to $107.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen raised shares of Pegasystems from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Barclays reaffirmed a "positive" rating on shares of Pegasystems in a report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $100.27.

Insiders Place Their Bets

In other Pegasystems news, CAO Efstathios A. Kouninis sold 500 shares of Pegasystems stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $99.25, for a total transaction of $49,625.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Alan Trefler sold 31,500 shares of Pegasystems stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $68.41, for a total transaction of $2,154,915.00. Following the sale, the chairman now owns 17,184,614 shares of the company's stock, valued at approximately $1,175,599,443.74. This represents a 0.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,520 shares of company stock valued at $7,364,405 over the last ninety days. Company insiders own 49.70% of the company's stock.

Pegasystems Company 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.