Wellington Management Group LLP Has $28.49 Million Position in Pegasystems Inc. $PEGA

Key Points

• Wellington Management cut its Pegasystems stake by 64.7% in the second quarter, selling 1.74 million shares and retaining 950,495 shares valued at approximately $28.49 million. Institutional investors own 46.89% of PEGA.
• Pegasystems reported quarterly EPS of $0.35, missing the $0.43 consensus estimate, while revenue of $420.72 million also fell short of expectations but increased 9.4% year over year.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $50.10; PEGA recently traded at $37.36, while several analysts downgraded the stock or lowered their targets.

Wellington Management Group LLP lessened its position in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 64.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 950,495 shares of the technology company's stock after selling 1,738,630 shares during the period. Wellington Management Group LLP owned approximately 0.58% of Pegasystems worth $28,486,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PEGA. BlackRock Inc. bought a new stake in Pegasystems during the second quarter worth $286,923,000. AQR Capital Management LLC raised its holdings in shares of Pegasystems by 236.2% during the 2nd quarter. AQR Capital Management LLC now owns 4,037,552 shares of the technology company's stock worth $217,584,000 after buying an additional 2,836,733 shares in the last quarter. State Street Corp lifted its position in shares of Pegasystems by 255.3% during the 2nd quarter. State Street Corp now owns 2,907,677 shares of the technology company's stock worth $157,393,000 after buying an additional 2,089,375 shares during the last quarter. Copeland Capital Management LLC bought a new stake in shares of Pegasystems during the 1st quarter worth $47,817,000. Finally, Ranger Investment Management L.P. acquired a new stake in Pegasystems in the second quarter valued at about $26,168,000. 46.89% of the stock is owned by institutional investors.

Pegasystems Price Performance

Shares of NASDAQ PEGA opened at $37.36 on Friday. The company has a 50 day simple moving average of $32.20 and a 200 day simple moving average of $36.38. Pegasystems Inc. has a 1 year low of $25.10 and a 1 year high of $68.10. The firm has a market cap of $6.14 billion, a PE ratio of 21.11 and a beta of 0.89.

Pegasystems (NASDAQ:PEGA - Get Free Report) last posted its earnings results on Tuesday, July 21st. The technology company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.08). The business 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 in the previous year, the firm earned $0.28 earnings per share. As a group, research analysts anticipate that Pegasystems Inc. will post 1.71 earnings per share for the current fiscal year.

Pegasystems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, July 1st. Pegasystems's dividend payout ratio (DPR) is currently 6.78%.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, CAO Efstathios Kouninis sold 1,063 shares of Pegasystems stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $38.75, for a total transaction of $41,191.25. Following the transaction, the chief accounting officer directly owned 1,164 shares of the company's stock, valued at approximately $45,105. The trade was a 47.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kerim Akgonul sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $33.99, for a total value of $101,970.00. Following the completion of the sale, the insider owned 108,049 shares in the company, valued at $3,672,585.51. This trade represents a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 4,813 shares of company stock valued at $167,394. 48.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PEGA shares. Zacks Research cut Pegasystems from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 25th. Loop Capital lowered shares of Pegasystems from a "buy" rating to a "hold" rating and decreased their price target for the company from $55.00 to $25.00 in a report on Thursday, July 23rd. Citizens Jmp downgraded shares of Pegasystems from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 22nd. Rosenblatt Securities cut their target price on shares of Pegasystems from $58.00 to $47.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $35.00 target price on shares of Pegasystems and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Pegasystems has a consensus rating of "Hold" and an average target price of $50.10.

Pegasystems Profile

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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