Paralel Advisors LLC Invests $1.63 Million in Pegasystems Inc. $PEGA

Key Points

• Paralel Advisors LLC acquired 54,274 Pegasystems shares during the second quarter, valued at approximately $1.63 million. Institutional investors own 46.89% of PEGA’s outstanding stock.
• Pegasystems reported quarterly EPS of $0.35, below the $0.43 consensus estimate, while revenue of $420.72 million also missed expectations; revenue nonetheless increased 9.4% year over year.
• Analyst sentiment is mixed, with six Buy ratings and seven Hold ratings, resulting in an overall “Hold” consensus and an average price target of $50.10. The company also maintains a quarterly dividend of $0.03 per share, yielding about 0.4%.

Paralel Advisors LLC acquired a new stake in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 54,274 shares of the technology company's stock, valued at approximately $1,627,000.

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

Pegasystems Trading Down 0.7%

PEGA opened at $33.61 on Friday. The business has a 50 day moving average of $31.07 and a 200-day moving average of $36.74. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 18.99 and a beta of 0.87. Pegasystems Inc. has a 1-year low of $25.10 and a 1-year high of $68.10.

Pegasystems (NASDAQ:PEGA - Get Free Report) last announced its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.08). The company had revenue of $420.72 million for the quarter, compared to the consensus estimate of $427.38 million. Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The company's revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $0.28 EPS. Equities analysts predict that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a dividend of $0.03 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. Pegasystems's payout ratio is presently 6.78%.

Analyst Ratings Changes

Several analysts recently issued reports on PEGA shares. Barclays reaffirmed an "overweight" rating and set a $39.00 price objective (down from $48.00) on shares of Pegasystems in a report on Thursday, July 23rd. William Blair downgraded shares of Pegasystems from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 22nd. Loop Capital lowered shares of Pegasystems from a "buy" rating to a "hold" rating and cut their target price for the stock from $55.00 to $25.00 in a research report on Thursday, July 23rd. Citizens Jmp cut shares of Pegasystems from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 22nd. Finally, Rosenblatt Securities lowered their price target on Pegasystems from $58.00 to $47.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $50.10.

Insider Activity

In other news, CAO Efstathios A. Kouninis sold 750 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $34.75, for a total transaction of $26,062.50. Following the completion of the transaction, the chief accounting officer owned 2,894 shares of the company's stock, valued at approximately $100,566.50. This represents a 20.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 2,250 shares of company stock worth $78,038. Insiders own 48.40% of the company's stock.

About Pegasystems

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