GAMMA Investing LLC Has $2.90 Million Stock Position in Pegasystems Inc. (NASDAQ:PEGA)

GAMMA Investing LLC grew its stake in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 10,362.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,642 shares of the technology company's stock after acquiring an additional 41,244 shares during the period. GAMMA Investing LLC's holdings in Pegasystems were worth $2,895,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PEGA. Invesco Ltd. boosted its holdings in shares of Pegasystems by 189.0% in the 4th quarter. Invesco Ltd. now owns 2,364,242 shares of the technology company's stock valued at $220,347,000 after buying an additional 1,546,281 shares during the period. Thrivent Financial for Lutherans acquired a new position in shares of Pegasystems in the 4th quarter valued at about $66,542,000. Franklin Resources Inc. boosted its holdings in shares of Pegasystems by 398.4% in the 4th quarter. Franklin Resources Inc. now owns 702,838 shares of the technology company's stock valued at $65,505,000 after buying an additional 561,807 shares during the period. Norges Bank acquired a new position in shares of Pegasystems in the 4th quarter valued at about $44,343,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Pegasystems in the 4th quarter valued at about $27,623,000. 46.89% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pegasystems

In related news, CAO Efstathios A. Kouninis sold 598 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $103.00, for a total transaction of $61,594.00. Following the transaction, the chief accounting officer now directly owns 166 shares of the company's stock, valued at approximately $17,098. The trade was a 78.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Efstathios A. Kouninis sold 500 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $99.25, for a total transaction of $49,625.00. The disclosure for this sale can be found here. Insiders have sold a total of 106,015 shares of company stock valued at $9,191,326 over the last ninety days. Corporate insiders own 49.70% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PEGA. Royal Bank of Canada reiterated an "outperform" rating and issued a $120.00 price objective on shares of Pegasystems in a research report on Tuesday, June 3rd. Loop Capital reiterated a "buy" rating and issued a $105.00 price objective (up from $85.00) on shares of Pegasystems in a research report on Thursday, April 24th. Wedbush reiterated an "outperform" rating and issued a $125.00 price objective on shares of Pegasystems in a research report on Tuesday, June 3rd. Rosenblatt Securities lifted their price objective on shares of Pegasystems from $101.00 to $112.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, KeyCorp cut their price objective on shares of Pegasystems from $118.00 to $94.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Three research 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $106.18.

Pegasystems Price Performance

Shares of PEGA traded down $2.37 during mid-day trading on Friday, hitting $98.84. The company's stock had a trading volume of 663,222 shares, compared to its average volume of 769,344. The firm has a 50-day moving average price of $89.79 and a 200 day moving average price of $89.28. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 97.86 and a beta of 1.11. Pegasystems Inc. has a fifty-two week low of $55.90 and a fifty-two week high of $113.67.

Pegasystems Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a $0.015 dividend. This represents a $0.06 annualized dividend and a dividend yield of 0.06%. The ex-dividend date was Tuesday, April 1st. Pegasystems's dividend payout ratio (DPR) is currently 5.83%.

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.