Pegasystems (NASDAQ:PEGA) Price Target Raised to $59.00 at Rosenblatt Securities

Pegasystems (NASDAQ:PEGA - Get Free Report) had its price target increased by investment analysts at Rosenblatt Securities from $56.00 to $59.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price target would indicate a potential upside of 14.92% from the stock's previous close.

Several other analysts have also recently commented on PEGA. Barclays raised their price target on Pegasystems from $48.00 to $50.00 and gave the company an "equal weight" rating in a report on Wednesday, June 4th. Loop Capital boosted their price target on Pegasystems from $52.50 to $60.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Wedbush dropped their target price on Pegasystems to $68.00 and set an "outperform" rating on the stock in a report on Tuesday, July 15th. KeyCorp lowered their price objective on Pegasystems from $59.00 to $47.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Citigroup restated a "buy" rating and set a $66.00 price objective on shares of Pegasystems in a research note on Wednesday, June 25th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.82.

Pegasystems Stock Down 1.7%

NASDAQ:PEGA traded down $0.87 during mid-day trading on Monday, reaching $51.34. 2,706,906 shares of the stock were exchanged, compared to its average volume of 1,617,133. The company has a 50 day simple moving average of $50.64 and a 200-day simple moving average of $45.37. The stock has a market capitalization of $8.79 billion, a P/E ratio of 41.94 and a beta of 1.13. Pegasystems has a 1 year low of $29.69 and a 1 year high of $56.84.

Insider Transactions at Pegasystems

In related news, insider Rifat Kerim Akgonul sold 8,000 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $44.33, for a total value of $354,640.00. Following the completion of the sale, the insider owned 105,280 shares in the company, valued at $4,667,062.40. This represents a 7.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Gerard Higgins sold 23,660 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $51.12, for a total transaction of $1,209,380.90. Following the completion of the sale, the insider owned 38,026 shares of the company's stock, valued at approximately $1,943,698.99. This represents a 38.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 288,530 shares of company stock worth $15,866,676 in the last quarter. 50.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pegasystems

A number of large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in shares of Pegasystems by 50.9% in the 1st quarter. Farther Finance Advisors LLC now owns 2,889 shares of the technology company's stock valued at $204,000 after acquiring an additional 974 shares in the last quarter. SG Americas Securities LLC bought a new position in Pegasystems during the first quarter worth about $761,000. Cetera Investment Advisers grew its holdings in Pegasystems by 20.6% during the fourth quarter. Cetera Investment Advisers now owns 6,756 shares of the technology company's stock worth $630,000 after purchasing an additional 1,155 shares during the period. Captrust Financial Advisors grew its holdings in Pegasystems by 42.7% during the fourth quarter. Captrust Financial Advisors now owns 5,333 shares of the technology company's stock worth $497,000 after purchasing an additional 1,596 shares during the period. Finally, Commonwealth Equity Services LLC bought a new position in Pegasystems during the fourth quarter worth about $220,000. 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.