Pegasystems (NASDAQ:PEGA) Given New $50.00 Price Target at DA Davidson

Pegasystems (NASDAQ:PEGA - Get Free Report) had its price objective hoisted by equities researchers at DA Davidson from $47.50 to $50.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. DA Davidson's target price indicates a potential downside of 3.21% from the stock's current price.

Several other brokerages have also issued reports on PEGA. Wedbush reiterated an "outperform" rating and issued a $62.50 price objective on shares of Pegasystems in a research report on Tuesday, June 3rd. KeyCorp dropped their price target on shares of Pegasystems from $59.00 to $47.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada restated an "outperform" rating and set a $60.00 price objective on shares of Pegasystems in a research report on Tuesday, June 3rd. Barclays lifted their price objective on shares of Pegasystems from $48.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 4th. Finally, Loop Capital restated a "buy" rating and set a $52.50 price objective (up previously from $42.50) on shares of Pegasystems in a research note on Thursday, April 24th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.32.

Pegasystems Price Performance

Shares of NASDAQ PEGA traded up $1.71 during midday trading on Friday, hitting $51.66. The stock had a trading volume of 1,200,714 shares, compared to its average volume of 1,542,665. Pegasystems has a fifty-two week low of $28.31 and a fifty-two week high of $56.84. The firm has a market cap of $4.42 billion, a P/E ratio of 25.08 and a beta of 1.12. The company's 50-day simple moving average is $92.66 and its 200 day simple moving average is $89.08.

Insider Buying and Selling

In related news, Chairman Alan Trefler sold 63,000 shares of the firm's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $34.21, for a total value of $2,154,915.00. Following the transaction, the chairman now owns 34,369,228 shares of the company's stock, valued at approximately $1,175,599,443.74. This trade represents a 0.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kenneth Stillwell sold 4,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $34.88, for a total value of $139,500.00. Following the completion of the sale, the chief financial officer now directly owns 42,490 shares of the company's stock, valued at approximately $1,481,838.75. This trade represents a 8.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 306,530 shares of company stock valued at $15,550,231 over the last ninety days. 50.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pegasystems

A number of hedge funds and other institutional investors have recently made changes to their positions in PEGA. Principal Securities Inc. grew its position in shares of Pegasystems by 150.5% in the fourth quarter. Principal Securities Inc. now owns 278 shares of the technology company's stock valued at $26,000 after purchasing an additional 167 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Pegasystems by 85.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 323 shares of the technology company's stock valued at $30,000 after purchasing an additional 149 shares in the last quarter. CX Institutional bought a new position in shares of Pegasystems in the first quarter worth $36,000. SBI Securities Co. Ltd. raised its position in shares of Pegasystems by 139.7% in the first quarter. SBI Securities Co. Ltd. now owns 549 shares of the technology company's stock worth $38,000 after buying an additional 320 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Pegasystems by 50.5% during the first quarter. GAMMA Investing LLC now owns 599 shares of the technology company's stock worth $42,000 after buying an additional 201 shares in the last quarter. 46.89% of the stock is owned by hedge funds and other institutional investors.

Pegasystems Company 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.