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

Pegasystems (NASDAQ:PEGA - Get Free Report) had its target price lifted by stock analysts at Rosenblatt Securities from $56.00 to $59.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price objective would indicate a potential upside of 2.04% from the company's previous close.

Several other research analysts also recently commented on the stock. Wall Street Zen raised shares of Pegasystems from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 6th. DA Davidson increased their price objective on shares of Pegasystems from $47.50 to $50.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Citigroup restated a "buy" rating and set a $66.00 target price on shares of Pegasystems in a research report on Wednesday, June 25th. Royal Bank Of Canada restated an "outperform" rating and set a $60.00 target price on shares of Pegasystems in a research report on Tuesday, June 3rd. Finally, Barclays upped their target price on shares of Pegasystems from $48.00 to $50.00 and gave the company an "equal weight" rating in a research report on Wednesday, June 4th. Three 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.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $57.00.

Pegasystems Stock Performance

Shares of PEGA traded down $0.19 during midday trading on Monday, hitting $57.82. 1,732,339 shares of the company traded hands, compared to its average volume of 2,025,037. The firm has a 50 day moving average of $50.93 and a 200-day moving average of $45.52. Pegasystems has a 52 week low of $29.84 and a 52 week high of $59.85. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 49.63 and a beta of 1.13.

Pegasystems (NASDAQ:PEGA - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.24 by $0.04. Pegasystems had a net margin of 13.14% and a return on equity of 43.72%. The business had revenue of $384.51 million during the quarter, compared to the consensus estimate of $345.07 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The business's revenue was up 9.5% on a year-over-year basis. Sell-side analysts predict that Pegasystems will post 1.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kenneth Stillwell sold 4,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $52.64, for a total value of $210,560.00. Following the sale, the chief financial officer directly owned 49,350 shares of the company's stock, valued at $2,597,784. This represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Efstathios A. Kouninis sold 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $49.63, for a total transaction of $49,625.00. The disclosure for this sale can be found here. Insiders sold a total of 279,214 shares of company stock worth $15,452,882 over the last three months. 49.70% of the stock is currently owned by company insiders.

Institutional Trading of Pegasystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new position in shares of Pegasystems during the fourth quarter worth approximately $61,000. Avantax Advisory Services Inc. increased its position in shares of Pegasystems by 4.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 4,586 shares of the technology company's stock worth $427,000 after acquiring an additional 196 shares during the period. Commonwealth Equity Services LLC purchased a new position in shares of Pegasystems during the fourth quarter worth approximately $220,000. Xponance Inc. boosted its stake in shares of Pegasystems by 8.6% during the fourth quarter. Xponance Inc. now owns 6,122 shares of the technology company's stock valued at $571,000 after purchasing an additional 487 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Pegasystems during the fourth quarter valued at approximately $1,165,000. 46.89% of the stock is owned by hedge funds and other institutional investors.

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.