Nordea Investment Management AB Purchases 98,468 Shares of Pegasystems Inc. $PEGA

Key Points

• Nordea Investment Management AB increased its holding in Pegasystems Inc. by 100.9%, buying an additional 98,468 shares, bringing its total ownership to 196,065 shares valued at approximately $10.49 million.
• Several analysts have raised their price targets for Pegasystems, with Rosenblatt Securities updating its target from $61 to $65 and seven analysts currently rating the stock as a Buy.
• Pegasystems announced a quarterly dividend of $0.03 per share, reflecting a 0.2% yield and signifying that the company's dividend payout ratio stands at 10.34%.

Nordea Investment Management AB boosted its position in Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 100.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 196,065 shares of the technology company's stock after acquiring an additional 98,468 shares during the period. Nordea Investment Management AB owned 0.11% of Pegasystems worth $10,492,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PEGA. Massachusetts Financial Services Co. MA purchased a new stake in shares of Pegasystems during the first quarter worth about $151,149,000. Jacobs Levy Equity Management Inc. purchased a new position in Pegasystems during the 1st quarter valued at about $68,229,000. AQR Capital Management LLC raised its position in Pegasystems by 60.1% during the 1st quarter. AQR Capital Management LLC now owns 1,200,819 shares of the technology company's stock valued at $81,337,000 after purchasing an additional 450,951 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Pegasystems by 275.3% in the 1st quarter. Teacher Retirement System of Texas now owns 603,183 shares of the technology company's stock worth $41,933,000 after buying an additional 442,462 shares during the period. Finally, Herald Investment Management Ltd lifted its holdings in Pegasystems by 100.0% in the 2nd quarter. Herald Investment Management Ltd now owns 703,600 shares of the technology company's stock worth $38,086,000 after buying an additional 351,800 shares during the period. Hedge funds and other institutional investors own 46.89% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PEGA. Weiss Ratings reissued a "hold (c+)" rating on shares of Pegasystems in a research note on Wednesday, October 8th. Rosenblatt Securities lifted their price target on shares of Pegasystems from $61.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, October 15th. DA Davidson boosted their price objective on shares of Pegasystems from $50.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Loop Capital raised their target price on shares of Pegasystems from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Wedbush lifted their target price on shares of Pegasystems from $68.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Pegasystems currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.50.

Insider Activity at Pegasystems

In other Pegasystems news, Chairman Alan Trefler sold 45,000 shares of Pegasystems stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $58.22, for a total transaction of $2,619,900.00. Following the completion of the transaction, the chairman owned 45,024,364 shares in the company, valued at approximately $2,621,318,472.08. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Efstathios A. Kouninis sold 2,544 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $59.00, for a total value of $150,096.00. The disclosure for this sale can be found here. Insiders have sold 132,607 shares of company stock worth $7,644,274 over the last quarter. 50.10% of the stock is currently owned by company insiders.

Pegasystems Trading Down 2.2%

PEGA opened at $53.38 on Monday. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 45.82 and a beta of 1.08. The stock has a fifty day simple moving average of $55.46 and a two-hundred day simple moving average of $50.75. Pegasystems Inc. has a 12-month low of $29.84 and a 12-month high of $61.00.

Pegasystems (NASDAQ:PEGA - Get Free Report) last released its earnings results on Tuesday, July 22nd. The technology company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.04. Pegasystems had a net margin of 13.14% and a return on equity of 42.42%. The firm had revenue of $384.51 million for the quarter, compared to the consensus estimate of $345.07 million. During the same period in the prior year, the firm earned $0.26 EPS. The company's revenue was up 9.5% compared to the same quarter last year. On average, analysts predict that Pegasystems Inc. will post 1.89 EPS for the current year.

Pegasystems Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st were paid a $0.03 dividend. The ex-dividend date was Wednesday, October 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.2%. Pegasystems's dividend payout ratio is presently 10.34%.

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.

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