Pegasystems (NASDAQ:PEGA) Given New $70.00 Price Target at Rosenblatt Securities

Pegasystems (NASDAQ:PEGA - Get Free Report) had its target price hoisted by stock analysts at Rosenblatt Securities from $65.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Rosenblatt Securities' target price points to a potential upside of 6.72% from the stock's previous close.

PEGA has been the subject of several other research reports. Wall Street Zen lowered Pegasystems from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. DA Davidson upgraded Pegasystems from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $60.00 to $85.00 in a research note on Wednesday. Wedbush boosted their price objective on Pegasystems from $68.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Pegasystems in a research note on Wednesday, October 8th. Finally, Loop Capital boosted their price objective on Pegasystems from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $68.06.

Pegasystems Stock Up 15.0%

Shares of PEGA stock opened at $65.59 on Thursday. The stock has a market cap of $11.22 billion, a PE ratio of 44.02 and a beta of 1.08. The business has a 50-day simple moving average of $55.94 and a 200-day simple moving average of $51.06. Pegasystems has a 52-week low of $29.84 and a 52-week high of $67.00.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued its quarterly earnings data on Tuesday, October 21st. The technology company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.12. Pegasystems had a return on equity of 43.30% and a net margin of 16.05%.The business had revenue of $381.35 million during the quarter, compared to analysts' expectations of $351.95 million. During the same quarter in the previous year, the firm posted $0.39 EPS. The company's revenue for the quarter was up 17.3% on a year-over-year basis. Sell-side analysts anticipate that Pegasystems will post 1.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Larry Weber sold 2,636 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $56.98, for a total value of $150,199.28. Following the completion of the sale, the director directly owned 10,632 shares in the company, valued at $605,811.36. This represents a 19.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Efstathios A. Kouninis sold 2,544 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $59.00, for a total value of $150,096.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 122,728 shares of company stock valued at $7,073,070. Insiders own 49.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank grew its position in Pegasystems by 5.3% in the first quarter. Amalgamated Bank now owns 3,060 shares of the technology company's stock worth $213,000 after acquiring an additional 153 shares during the period. GAMMA Investing LLC boosted its position in shares of 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 during the period. Global Retirement Partners LLC boosted its position in shares of Pegasystems by 20.5% during the third quarter. Global Retirement Partners LLC now owns 1,331 shares of the technology company's stock worth $77,000 after buying an additional 226 shares during the period. SBI Securities Co. Ltd. boosted its position in shares of Pegasystems by 139.7% during 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 during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pegasystems by 2.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,756 shares of the technology company's stock worth $956,000 after buying an additional 370 shares during the period. 46.89% of the stock is currently 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.

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