Cornercap Investment Counsel Inc. Sells 193 Shares of Pegasystems Inc. (NASDAQ:PEGA)

Cornercap Investment Counsel Inc. lowered its position in Pegasystems Inc. (NASDAQ:PEGA) by 0.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,859 shares of the technology company’s stock after selling 193 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Pegasystems were worth $1,323,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bares Capital Management Inc. raised its stake in shares of Pegasystems by 1.6% in the fourth quarter. Bares Capital Management Inc. now owns 5,862,346 shares of the technology company’s stock worth $286,434,000 after purchasing an additional 90,993 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Pegasystems by 4.9% in the first quarter. Vanguard Group Inc. now owns 5,369,237 shares of the technology company’s stock worth $347,067,000 after purchasing an additional 250,273 shares during the last quarter. Ranger Investment Management L.P. raised its stake in shares of Pegasystems by 29.9% in the fourth quarter. Ranger Investment Management L.P. now owns 625,471 shares of the technology company’s stock worth $30,561,000 after purchasing an additional 143,986 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Pegasystems by 6.9% in the second quarter. Acadian Asset Management LLC now owns 533,948 shares of the technology company’s stock worth $32,304,000 after purchasing an additional 34,416 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Pegasystems during the fourth quarter valued at approximately $22,784,000. Institutional investors own 46.89% of the company’s stock.

Insider Transactions at Pegasystems

In other news, Director Richard H. Jones sold 15,271 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $69.25, for a total value of $1,057,516.75. Following the completion of the sale, the director now directly owns 371,787 shares in the company, valued at approximately $25,746,249.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Pegasystems news, Director Richard H. Jones sold 15,271 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $69.25, for a total value of $1,057,516.75. Following the completion of the sale, the director now owns 371,787 shares in the company, valued at approximately $25,746,249.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kenneth Stillwell sold 1,000 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $60.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 23,951 shares of the company’s stock, valued at approximately $1,437,060. The disclosure for this sale can be found here. Insiders sold 47,955 shares of company stock worth $3,303,771 in the last three months. Corporate insiders own 50.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PEGA. JPMorgan Chase & Co. increased their price target on Pegasystems from $78.00 to $83.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Pegasystems in a research report on Monday, July 29th. Royal Bank of Canada raised their target price on Pegasystems from $77.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Barclays raised their target price on Pegasystems from $69.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, Citigroup decreased their target price on Pegasystems from $87.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $82.60.

Pegasystems Trading Up 1.2 %

PEGA stock opened at $66.64 on Friday. The stock has a market capitalization of $5.69 billion, a PE ratio of 81.27 and a beta of 1.07. Pegasystems Inc. has a 12-month low of $37.66 and a 12-month high of $72.74. The stock’s 50 day simple moving average is $65.46 and its 200 day simple moving average is $62.58.

Pegasystems (NASDAQ:PEGA) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.30. The business had revenue of $351.20 million for the quarter, compared to analysts’ expectations of $323.55 million. Pegasystems had a return on equity of 49.62% and a net margin of 8.72%. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.41) EPS. On average, research analysts predict that Pegasystems Inc. will post 1.54 earnings per share for the current year.

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.