Pegasystems Inc. (NASDAQ:PEGA) Shares Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC raised its holdings in Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 91.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,187 shares of the technology company's stock after buying an additional 4,396 shares during the period. Pallas Capital Advisors LLC's holdings in Pegasystems were worth $639,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Farther Finance Advisors LLC raised its stake in Pegasystems by 50.9% in the first quarter. Farther Finance Advisors LLC now owns 2,889 shares of the technology company's stock valued at $204,000 after buying an additional 974 shares in the last quarter. MRA Advisory Group acquired a new stake in Pegasystems in the first quarter valued at $536,000. Veracity Capital LLC acquired a new stake in Pegasystems in the first quarter valued at $257,000. Merit Financial Group LLC raised its stake in Pegasystems by 216.6% in the first quarter. Merit Financial Group LLC now owns 6,915 shares of the technology company's stock valued at $481,000 after buying an additional 4,731 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Pegasystems by 10,362.8% in the first quarter. GAMMA Investing LLC now owns 41,642 shares of the technology company's stock valued at $2,895,000 after buying an additional 41,244 shares in the last quarter. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Alan Trefler sold 31,500 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $68.41, for a total value 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rifat Kerim Akgonul sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $88.66, for a total value of $354,640.00. Following the completion of the sale, the insider now directly owns 52,640 shares in the company, valued at approximately $4,667,062.40. The trade was a 7.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 106,015 shares of company stock worth $9,191,326 in the last quarter. Company insiders own 49.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on PEGA. KeyCorp dropped their price objective on Pegasystems from $118.00 to $94.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Barclays lifted their target price on Pegasystems from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, June 4th. Wall Street Zen upgraded Pegasystems from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Citigroup lifted their target price on Pegasystems from $116.00 to $131.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $120.00 target price on shares of Pegasystems in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $106.18.

Pegasystems Stock Down 2.3%

Shares of PEGA traded down $2.37 on Friday, reaching $98.84. The stock had a trading volume of 663,222 shares, compared to its average volume of 769,344. The firm has a market capitalization of $8.46 billion, a PE ratio of 97.86 and a beta of 1.11. The firm has a 50-day moving average of $89.79 and a 200 day moving average of $89.28. Pegasystems Inc. has a twelve month low of $55.90 and a twelve month high of $113.67.

Pegasystems Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were issued a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.06%. The ex-dividend date was Tuesday, April 1st. Pegasystems's dividend payout ratio is currently 5.83%.

About Pegasystems

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.