Abacus FCF Advisors LLC Purchases 23,938 Shares of Pegasystems Inc. (NASDAQ:PEGA)

Abacus FCF Advisors LLC increased its holdings in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 107.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 46,299 shares of the technology company's stock after purchasing an additional 23,938 shares during the period. Abacus FCF Advisors LLC owned approximately 0.05% of Pegasystems worth $3,219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEGA. Principal Securities Inc. increased its holdings in shares of Pegasystems by 150.5% during the 4th quarter. Principal Securities Inc. now owns 278 shares of the technology company's stock worth $26,000 after purchasing an additional 167 shares during the period. EverSource Wealth Advisors LLC grew its position in Pegasystems by 85.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 323 shares of the technology company's stock worth $30,000 after buying an additional 149 shares in the last quarter. GAMMA Investing LLC raised its holdings in Pegasystems by 50.5% in the 1st quarter. GAMMA Investing LLC now owns 599 shares of the technology company's stock valued at $42,000 after acquiring an additional 201 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of Pegasystems by 48.0% in the 4th quarter. Global Retirement Partners LLC now owns 789 shares of the technology company's stock worth $74,000 after acquiring an additional 256 shares during the period. Finally, Covestor Ltd increased its position in shares of Pegasystems by 75.0% during the fourth quarter. Covestor Ltd now owns 1,493 shares of the technology company's stock valued at $140,000 after purchasing an additional 640 shares during the period. Institutional investors and hedge funds own 46.89% of the company's stock.

Insider Buying and Selling

In other Pegasystems news, Chairman Alan Trefler sold 31,500 shares of Pegasystems stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $68.41, for a total transaction of $2,154,915.00. Following the completion of the transaction, the chairman now owns 17,184,614 shares of the company's stock, valued at $1,175,599,443.74. The trade was a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Efstathios A. Kouninis sold 598 shares of the business's stock in a transaction 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 owns 166 shares of the company's stock, valued at $17,098. This trade represents a 78.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,185 shares of company stock valued at $7,981,945 over the last 90 days. Company insiders own 49.70% of the company's stock.

Pegasystems Price Performance

Shares of Pegasystems stock traded down $0.42 during trading on Thursday, hitting $101.21. The company's stock had a trading volume of 653,727 shares, compared to its average volume of 766,166. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of 100.21 and a beta of 1.12. Pegasystems Inc. has a 52 week low of $55.90 and a 52 week high of $113.67. The stock has a 50-day moving average price of $88.31 and a two-hundred day moving average price of $89.26.

Pegasystems Cuts Dividend

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

Analysts Set New Price Targets

Several research analysts recently issued reports on PEGA shares. KeyCorp dropped their price target on shares of Pegasystems from $118.00 to $94.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Loop Capital reissued a "buy" rating and issued a $105.00 target price (up from $85.00) on shares of Pegasystems in a report on Thursday, April 24th. DA Davidson raised Pegasystems to a "hold" rating in a research note on Monday. Citigroup upped their price target on Pegasystems from $116.00 to $131.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Wall Street Zen upgraded Pegasystems from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.18.

Pegasystems 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.