Empowered Funds LLC Invests $2.23 Million in Pegasystems Inc. $PEGA

Key Points

• Empowered Funds LLC purchased 74,646 Pegasystems shares in the second quarter, valued at approximately $2.23 million. Institutional investors and hedge funds collectively own 46.89% of PEGA.
• Pegasystems reported quarterly earnings of $0.35 per share, below the $0.43 consensus estimate, while revenue of $420.72 million also missed expectations; revenue nevertheless increased 9.4% year over year.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and a $50.10 target price. The company also pays a quarterly dividend of $0.03, representing a 0.3% annualized yield.

Empowered Funds LLC purchased a new stake in Pegasystems Inc. (NASDAQ:PEGA - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 74,646 shares of the technology company's stock, valued at approximately $2,235,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC increased its stake in Pegasystems by 141,900.0% during the first quarter. NewEdge Advisors LLC now owns 4,260 shares of the technology company's stock valued at $296,000 after purchasing an additional 4,257 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Pegasystems by 450.4% during the first quarter. Jones Financial Companies Lllp now owns 1,844 shares of the technology company's stock worth $128,000 after purchasing an additional 1,509 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Pegasystems by 5.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 248,168 shares of the technology company's stock worth $17,253,000 after buying an additional 13,075 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Pegasystems by 18.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 155,783 shares of the technology company's stock worth $10,830,000 after buying an additional 23,713 shares during the last quarter. Finally, Focus Partners Wealth boosted its holdings in shares of Pegasystems by 55.0% in the 1st quarter. Focus Partners Wealth now owns 5,476 shares of the technology company's stock valued at $381,000 after buying an additional 1,943 shares during the period. 46.89% of the stock is owned by institutional investors and hedge funds.

Pegasystems Stock Performance

Pegasystems stock opened at $37.32 on Thursday. Pegasystems Inc. has a one year low of $25.10 and a one year high of $68.10. The company has a 50-day simple moving average of $31.89 and a 200-day simple moving average of $36.42. The firm has a market capitalization of $6.14 billion, a P/E ratio of 21.08 and a beta of 0.89.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The technology company reported $0.35 earnings per share 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 the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 earnings per share. As a group, sell-side analysts forecast that Pegasystems Inc. will post 1.71 earnings per share for the current year.

Pegasystems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a $0.03 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Pegasystems's dividend payout ratio (DPR) is presently 6.78%.

Insider Buying and Selling at Pegasystems

In other news, insider Rifat Kerim Akgonul sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $33.99, for a total transaction of $101,970.00. Following the completion of the transaction, the insider directly owned 108,049 shares in the company, valued at approximately $3,672,585.51. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 48.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PEGA. Royal Bank Of Canada set a $35.00 price objective on shares of Pegasystems and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Weiss Ratings cut shares of Pegasystems from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, June 4th. DA Davidson set a $32.00 target price on Pegasystems and gave the company a "buy" rating in a research note on Friday, July 24th. Zacks Research lowered Pegasystems from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 25th. Finally, Barclays reiterated an "overweight" rating and set a $39.00 price target (down from $48.00) on shares of Pegasystems in a research report on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Pegasystems has a consensus rating of "Hold" and a consensus target price of $50.10.

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.

Want to see what other hedge funds are holding PEGA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pegasystems Inc. (NASDAQ:PEGA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source