Strategic Global Advisors LLC Buys Shares of 38,930 Pegasystems Inc. $PEGA

Key Points

• Strategic Global Advisors initiated a Pegasystems position by purchasing 38,930 shares worth approximately $1.17 million during the second quarter. Other institutions also added or expanded holdings, with institutional investors owning 46.89% of the stock.
• Analyst sentiment is mixed: six analysts rate Pegasystems a Buy and seven rate it a Hold, producing an overall “Hold” consensus and an average price target of $50.10.
• Pegasystems’ latest quarterly results fell short of expectations, with EPS of $0.35 versus $0.43 expected and revenue of $420.72 million versus $427.38 million forecast, though revenue increased 9.4% year over year.

Strategic Global Advisors LLC purchased a new position 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 purchased 38,930 shares of the technology company's stock, valued at approximately $1,167,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PEGA. Freestone Grove Partners LP bought a new stake in shares of Pegasystems in the second quarter valued at about $6,266,000. Odyssean LLC grew its holdings in Pegasystems by 146.8% during the 2nd quarter. Odyssean LLC now owns 40,197 shares of the technology company's stock worth $1,205,000 after acquiring an additional 23,912 shares in the last quarter. Man Group plc bought a new position in Pegasystems during the 2nd quarter worth about $790,000. Jupiter Topco LLC purchased a new position in Pegasystems during the 2nd quarter valued at about $1,217,000. Finally, Wedbush Fund Advisers LLC increased its position in Pegasystems by 45.3% during the 2nd quarter. Wedbush Fund Advisers LLC now owns 394,797 shares of the technology company's stock valued at $11,832,000 after purchasing an additional 123,045 shares during the period. Institutional investors own 46.89% of the company's stock.

Wall Street Analysts Forecast Growth

PEGA has been the subject of several research reports. DA Davidson set a $32.00 price target on shares of Pegasystems and gave the stock a "buy" rating in a research report on Friday, July 24th. Royal Bank Of Canada set a $35.00 price objective on shares of Pegasystems and gave the company an "outperform" rating in a research note on Thursday, July 23rd. William Blair lowered shares of Pegasystems from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 22nd. Citigroup downgraded shares of Pegasystems from a "market outperform" rating to a "market perform" rating in a research note on Wednesday, July 22nd. Finally, Rosenblatt Securities lowered their target price on Pegasystems from $58.00 to $47.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Pegasystems currently has an average rating of "Hold" and a consensus target price of $50.10.

Insider Transactions at Pegasystems

In other news, CAO Efstathios A. Kouninis sold 750 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $36.99, for a total value of $27,742.50. Following the transaction, the chief accounting officer directly owned 2,144 shares of the company's stock, valued at approximately $79,306.56. This represents a 25.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rifat Kerim Akgonul sold 3,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $33.99, for a total value of $101,970.00. Following the completion of the transaction, the insider owned 108,049 shares of the company's stock, valued at approximately $3,672,585.51. The trade was a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 5,250 shares of company stock valued at $180,008. 48.40% of the stock is currently owned by insiders.

Pegasystems Trading Down 0.5%

NASDAQ:PEGA opened at $33.83 on Thursday. Pegasystems Inc. has a twelve month low of $25.10 and a twelve month high of $68.10. The company has a market cap of $5.56 billion, a PE ratio of 19.11 and a beta of 0.87. The company's 50 day moving average is $31.22 and its two-hundred day moving average is $36.56.

Pegasystems (NASDAQ:PEGA - Get Free Report) last posted its quarterly 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). Pegasystems had a return on equity of 32.21% and a net margin of 18.66%.The company had revenue of $420.72 million during the quarter, compared to analysts' expectations of $427.38 million. During the same period in the prior year, the business posted $0.28 EPS. The company's quarterly revenue was up 9.4% on a year-over-year basis. As a group, analysts expect that Pegasystems Inc. will post 1.68 EPS for the current fiscal year.

Pegasystems Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a $0.03 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. Pegasystems's dividend payout ratio (DPR) is 6.78%.

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.

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