Pegasystems (NASDAQ:PEGA) Price Target Raised to $65.00 at Rosenblatt Securities

Key Points

• Rosenblatt Securities raised Pegasystems' price target from $61.00 to $65.00, indicating a potential upside of 16.42% from the current stock price.
• CitiGroup and Loop Capital both revised their price targets for Pegasystems to $70.00, while Barclays increased theirs to $58.00.
• Pegasystems' earnings report showed an earnings per share of $0.28, exceeding analysts' consensus estimates of $0.24, and revenue growth of 9.5% year-over-year.

Pegasystems (NASDAQ:PEGA - Get Free Report) had its price target lifted by analysts at Rosenblatt Securities from $61.00 to $65.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price target suggests a potential upside of 16.42% from the stock's current price.

Several other equities analysts have also commented on the stock. Citigroup upped their price target on shares of Pegasystems from $66.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Barclays upped their price target on shares of Pegasystems from $50.00 to $58.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 23rd. Wall Street Zen lowered shares of Pegasystems from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 17th. Loop Capital increased their target price on shares of Pegasystems from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Wedbush increased their target price on shares of Pegasystems from $68.00 to $70.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.50.

Pegasystems Stock Performance

Shares of NASDAQ:PEGA opened at $55.83 on Wednesday. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of 47.92 and a beta of 1.08. Pegasystems has a 1-year low of $29.84 and a 1-year high of $61.00. The company's fifty day moving average is $55.45 and its two-hundred day moving average is $50.24.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The technology company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.04. The company had revenue of $384.51 million for the quarter, compared to analysts' expectations of $345.07 million. Pegasystems had a net margin of 13.14% and a return on equity of 42.42%. The firm's revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 earnings per share. Sell-side analysts expect that Pegasystems will post 1.89 EPS for the current fiscal year.

Insider Activity at Pegasystems

In other Pegasystems news, Chairman Alan Trefler sold 45,000 shares of the company's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $58.22, for a total transaction of $2,619,900.00. Following the completion of the sale, the chairman directly owned 45,024,364 shares of the company's stock, valued at approximately $2,621,318,472.08. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Efstathios A. Kouninis sold 2,544 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $59.00, for a total transaction of $150,096.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,607 shares of company stock valued at $7,644,274. Corporate insiders own 50.10% of the company's stock.

Institutional Trading of Pegasystems

A number of hedge funds have recently made changes to their positions in PEGA. Farther Finance Advisors LLC lifted its position in shares of Pegasystems by 50.9% in the first quarter. Farther Finance Advisors LLC now owns 2,889 shares of the technology company's stock worth $204,000 after purchasing an additional 974 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Pegasystems by 50.5% in the first quarter. GAMMA Investing LLC now owns 599 shares of the technology company's stock worth $42,000 after purchasing an additional 201 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Pegasystems in the first quarter worth approximately $761,000. CX Institutional acquired a new position in Pegasystems in the first quarter worth approximately $36,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Pegasystems by 50.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,723 shares of the technology company's stock worth $1,163,000 after buying an additional 5,625 shares during 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.

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