Pegasystems (NASDAQ:PEGA) Given New $68.00 Price Target at Wedbush

Pegasystems (NASDAQ:PEGA - Free Report) had its price target cut by Wedbush to $68.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an outperform rating on the technology company's stock.

PEGA has been the topic of a number of other reports. Royal Bank Of Canada reiterated an "outperform" rating and issued a $60.00 target price on shares of Pegasystems in a research report on Tuesday, June 3rd. Loop Capital upped their price objective on Pegasystems from $52.50 to $60.00 and gave the company a "buy" rating in a research report on Monday, June 30th. KeyCorp decreased their price objective on Pegasystems from $59.00 to $47.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen upgraded Pegasystems from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Barclays upped their price objective on Pegasystems from $48.00 to $50.00 and gave the company an "equal weight" rating in a research report on Wednesday, June 4th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Pegasystems has an average rating of "Moderate Buy" and a consensus price target of $54.55.

Pegasystems Trading Up 2.6%

Shares of NASDAQ:PEGA traded up $1.30 during mid-day trading on Tuesday, reaching $52.21. The stock had a trading volume of 2,354,014 shares, compared to its average volume of 1,606,332. The company has a market cap of $8.94 billion, a P/E ratio of 50.69 and a beta of 1.13. Pegasystems has a 1 year low of $29.52 and a 1 year high of $56.84. The business's 50 day moving average price is $50.53 and its 200 day moving average price is $45.35.

Pegasystems Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.23%. This is an increase from Pegasystems's previous quarterly dividend of $0.02. The ex-dividend date of this dividend was Tuesday, July 1st. Pegasystems's dividend payout ratio is presently 11.65%.

Insider Transactions at Pegasystems

In other Pegasystems news, insider Rifat Kerim Akgonul sold 8,000 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $44.33, for a total transaction of $354,640.00. Following the transaction, the insider directly owned 105,280 shares in the company, valued at $4,667,062.40. This trade represents a 7.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Gerard Higgins sold 23,660 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $51.12, for a total value of $1,209,380.90. Following the sale, the insider directly owned 38,026 shares in the company, valued at $1,943,698.99. This trade represents a 38.36% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 288,530 shares of company stock valued at $15,866,676. Company insiders own 49.70% of the company's stock.

Institutional Trading of Pegasystems

Institutional investors have recently made changes to their positions in the business. Swiss National Bank lifted its position in Pegasystems by 1.2% during the 4th quarter. Swiss National Bank now owns 84,000 shares of the technology company's stock worth $7,829,000 after acquiring an additional 1,000 shares during the period. Farther Finance Advisors LLC increased its stake 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 purchasing an additional 974 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Pegasystems in the 1st quarter valued at about $761,000. Cetera Investment Advisers increased its stake in shares of Pegasystems by 20.6% in the 4th quarter. Cetera Investment Advisers now owns 6,756 shares of the technology company's stock valued at $630,000 after purchasing an additional 1,155 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Pegasystems by 42.7% in the 4th quarter. Captrust Financial Advisors now owns 5,333 shares of the technology company's stock worth $497,000 after buying an additional 1,596 shares during the last quarter. Institutional investors and hedge funds own 46.89% of the company's stock.

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.