DA Davidson Increases Pegasystems (NASDAQ:PEGA) Price Target to $70.00

Pegasystems (NASDAQ:PEGA) had its price objective upped by stock analysts at DA Davidson from $60.00 to $70.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. DA Davidson’s price target indicates a potential upside of 5.58% from the company’s previous close.

Several other research analysts have also weighed in on PEGA. Citigroup cut their target price on Pegasystems from $87.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Barclays upped their price target on Pegasystems from $66.00 to $69.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Royal Bank of Canada reissued an “outperform” rating and set a $77.00 target price on shares of Pegasystems in a report on Tuesday, June 11th. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Pegasystems in a research note on Wednesday, June 12th. Finally, JMP Securities restated a “market perform” rating on shares of Pegasystems in a research note on Wednesday, June 12th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $79.14.

Pegasystems Stock Down 3.8 %

PEGA traded down $2.63 on Friday, hitting $66.30. 278,958 shares of the company traded hands, compared to its average volume of 503,337. The stock has a market capitalization of $5.64 billion, a PE ratio of 81.83 and a beta of 1.08. Pegasystems has a 12-month low of $37.66 and a 12-month high of $71.27. The company has a 50 day moving average of $59.33 and a 200-day moving average of $58.68.

Pegasystems (NASDAQ:PEGA) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.30. Pegasystems had a net margin of 8.72% and a return on equity of 54.99%. The business had revenue of $351.20 million during the quarter, compared to analysts’ expectations of $323.55 million. During the same period last year, the company posted ($0.41) EPS. The company’s revenue was up 17.7% on a year-over-year basis. On average, research analysts anticipate that Pegasystems will post 1.5 EPS for the current year.

Insiders Place Their Bets

In other news, Director Sharon T. Rowlands purchased 8,600 shares of Pegasystems stock in a transaction dated Tuesday, June 11th. The stock was acquired at an average cost of $58.63 per share, for a total transaction of $504,218.00. Following the acquisition, the director now directly owns 30,871 shares in the company, valued at $1,809,966.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Sharon T. Rowlands bought 8,600 shares of Pegasystems stock in a transaction that occurred on Tuesday, June 11th. The stock was purchased at an average cost of $58.63 per share, for a total transaction of $504,218.00. Following the acquisition, the director now owns 30,871 shares in the company, valued at $1,809,966.73. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kenneth Stillwell sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $60.39, for a total transaction of $120,780.00. Following the transaction, the chief financial officer now directly owns 22,884 shares of the company’s stock, valued at approximately $1,381,964.76. The disclosure for this sale can be found here. Insiders have sold a total of 16,504 shares of company stock valued at $999,794 in the last three months. Insiders own 50.10% of the company’s stock.

Institutional Trading of Pegasystems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in shares of Pegasystems by 4.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 12,058 shares of the technology company’s stock valued at $730,000 after acquiring an additional 505 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Pegasystems by 2.7% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 50,021 shares of the technology company’s stock worth $2,986,000 after purchasing an additional 1,323 shares during the period. Raymond James & Associates bought a new stake in Pegasystems in the second quarter valued at about $1,598,000. SG Americas Securities LLC acquired a new position in Pegasystems in the second quarter valued at about $2,149,000. Finally, CWM LLC increased its stake in shares of Pegasystems by 207.0% in the 2nd quarter. CWM LLC now owns 21,203 shares of the technology company’s stock valued at $1,283,000 after acquiring an additional 14,296 shares during the last quarter. Institutional investors and hedge funds 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.