Pegasystems (NASDAQ:PEGA) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays analysts have upgraded their price target for Pegasystems from $58.00 to $67.00, indicating a potential upside of 2.15% from the previous close.
• Other firms, including Loop Capital and Rosenblatt Securities, have set their price targets for Pegasystems between $70.00 and $85.00, with the majority of analysts categorizing the stock as a "buy".
• Pegasystems reported strong quarterly earnings with an EPS of $0.30, surpassing estimates and indicating a year-over-year revenue growth of 17.3%.

Pegasystems (NASDAQ:PEGA - Get Free Report) had its price target upped by investment analysts at Barclays from $58.00 to $67.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the technology company's stock. Barclays's target price suggests a potential upside of 2.15% from the company's previous close.

Other research analysts have also issued reports about the company. Loop Capital lifted 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. Rosenblatt Securities raised their target price on Pegasystems from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday. DA Davidson upgraded shares of Pegasystems from a "neutral" rating to a "buy" rating and increased their price target for the company from $60.00 to $85.00 in a research report on Wednesday. Wall Street Zen lowered shares of Pegasystems from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Pegasystems in a research note on Wednesday, October 8th. 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 MarketBeat.com, Pegasystems presently has an average rating of "Moderate Buy" and a consensus price target of $69.06.

Pegasystems Stock Performance

NASDAQ:PEGA opened at $65.59 on Thursday. Pegasystems has a 52-week low of $29.84 and a 52-week high of $67.00. The company has a market cap of $11.22 billion, a price-to-earnings ratio of 44.02 and a beta of 1.08. The stock's fifty day moving average price is $55.94 and its two-hundred day moving average price is $51.06.

Pegasystems (NASDAQ:PEGA - Get Free Report) last announced its quarterly earnings data on Tuesday, October 21st. The technology company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.12. The firm had revenue of $381.35 million during the quarter, compared to analyst estimates of $351.95 million. Pegasystems had a return on equity of 43.30% and a net margin of 16.05%.The company's revenue was up 17.3% on a year-over-year basis. During the same period last year, the company earned $0.39 earnings per share. On average, equities analysts predict that Pegasystems will post 1.89 EPS for the current fiscal year.

Insider Transactions at Pegasystems

In other news, CFO Kenneth Stillwell sold 11,147 shares of Pegasystems stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $58.19, for a total value of $648,643.93. Following the sale, the chief financial officer directly owned 119,868 shares in the company, valued at $6,975,118.92. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rifat Kerim Akgonul sold 4,000 shares of the business's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $56.97, for a total transaction of $227,880.00. Following the completion of the sale, the insider directly owned 70,717 shares in the company, valued at approximately $4,028,747.49. This represents a 5.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 122,728 shares of company stock worth $7,073,070. Corporate insiders own 49.70% of the company's stock.

Hedge Funds Weigh In On Pegasystems

Hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA raised its holdings in Pegasystems by 86.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,050,075 shares of the technology company's stock worth $219,231,000 after acquiring an additional 1,875,896 shares in the last quarter. AQR Capital Management LLC increased its position 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 purchasing an additional 2,836,733 shares during the last quarter. Bares Capital Management Inc. raised its stake in shares of Pegasystems by 76.6% during the 2nd quarter. Bares Capital Management Inc. now owns 3,542,716 shares of the technology company's stock worth $191,767,000 after purchasing an additional 1,536,726 shares in the last quarter. State Street Corp boosted its holdings in shares of Pegasystems by 255.3% in the 2nd quarter. State Street Corp now owns 2,907,677 shares of the technology company's stock valued at $157,393,000 after buying an additional 2,089,375 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Pegasystems by 34.0% in the second quarter. Invesco Ltd. now owns 2,444,661 shares of the technology company's stock valued at $132,329,000 after buying an additional 620,878 shares in the last quarter. Institutional investors own 46.89% of the company's stock.

About Pegasystems

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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