Rifat Kerim Akgonul Sells 3,000 Shares of Pegasystems (NASDAQ:PEGA) Stock

Key Points

• Insider sale: Rifat Kerim Akgonul sold 3,000 Pegasystems shares for approximately $101,970 at an average price of $33.99, reducing his direct holdings by 2.70% to 108,049 shares.
• Recent performance: Pegasystems reported quarterly EPS of $0.35, below the $0.43 consensus estimate, while revenue of $420.72 million also missed expectations but increased 9.4% year over year.
• Market outlook: Shares traded near $33.83, and analysts’ consensus rating was “Hold,” with an average price target of $50.10. The company also pays a quarterly dividend of $0.03 per share, yielding about 0.4%.

Pegasystems Inc. (NASDAQ:PEGA - Get Free Report) insider Rifat Kerim Akgonul sold 3,000 shares of Pegasystems 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 directly owned 108,049 shares in the company, valued at approximately $3,672,585.51. This represents a 2.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Pegasystems Stock Performance

NASDAQ PEGA traded down $0.17 during trading hours on Wednesday, hitting $33.83. 1,137,463 shares of the company traded hands, compared to its average volume of 2,373,708. The business's 50-day moving average is $31.15 and its 200-day moving average is $36.59. Pegasystems Inc. has a twelve month low of $25.10 and a twelve month high of $68.10. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 19.11 and a beta of 0.87.

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 for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $427.38 million. During the same period last year, the firm earned $0.28 EPS. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts predict that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Royal Bank Of Canada set a $35.00 price target on shares of Pegasystems and gave the company an "outperform" rating in a research note 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. Rosenblatt Securities cut their target price on shares of Pegasystems from $58.00 to $47.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. DA Davidson set a $32.00 price target on Pegasystems and gave the stock a "buy" rating in a report on Friday, July 24th. Finally, KeyCorp downgraded Pegasystems from an "overweight" rating to a "sector weight" rating in a research report on Wednesday, July 22nd. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $50.10.

Hedge Funds Weigh In On Pegasystems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PEGA. International Assets Investment Management LLC acquired a new stake in shares of Pegasystems during the 4th quarter worth about $28,000. EFG International AG acquired a new position in Pegasystems in the 4th quarter valued at about $32,000. Fifth Third Bancorp grew its stake in Pegasystems by 96.5% in the 4th quarter. Fifth Third Bancorp now owns 617 shares of the technology company's stock valued at $37,000 after buying an additional 303 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in Pegasystems by 386.3% in the 4th quarter. Brown Brothers Harriman & Co. now owns 710 shares of the technology company's stock valued at $42,000 after acquiring an additional 564 shares during the period. Finally, Plato Investment Management Ltd bought a new position in Pegasystems in the 4th quarter valued at about $52,000. 46.89% of the stock is owned by institutional investors.

Pegasystems Company 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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