Castleark Management LLC Makes New $6.10 Million Investment in Pegasystems Inc. (NASDAQ:PEGA)

Castleark Management LLC bought a new stake in Pegasystems Inc. (NASDAQ:PEGA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 83,410 shares of the technology company’s stock, valued at approximately $6,096,000.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC acquired a new position in shares of Pegasystems in the 3rd quarter valued at $27,000. Venturi Wealth Management LLC grew its position in shares of Pegasystems by 49.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 656 shares of the technology company’s stock worth $48,000 after buying an additional 216 shares during the period. Financial Management Professionals Inc. bought a new stake in shares of Pegasystems in the 3rd quarter valued at about $57,000. Capital Performance Advisors LLP acquired a new stake in shares of Pegasystems in the 3rd quarter valued at approximately $67,000. Finally, Headlands Technologies LLC boosted its stake in Pegasystems by 29.9% during the 2nd quarter. Headlands Technologies LLC now owns 1,129 shares of the technology company’s stock worth $68,000 after acquiring an additional 260 shares during the last quarter. Institutional investors and hedge funds own 46.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Rosenblatt Securities upped their target price on shares of Pegasystems from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Wedbush increased their price target on Pegasystems from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. StockNews.com upgraded Pegasystems from a “hold” rating to a “buy” rating in a research report on Thursday, November 21st. Citigroup raised their target price on shares of Pegasystems from $87.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Barclays increased their price objective on shares of Pegasystems from $74.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Pegasystems presently has an average rating of “Moderate Buy” and an average price target of $85.90.

Insider Transactions at Pegasystems

In other Pegasystems news, insider Leon Trefler sold 752 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $72.00, for a total transaction of $54,144.00. Following the completion of the sale, the insider now directly owns 38,388 shares in the company, valued at $2,763,936. This trade represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kenneth Stillwell sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $73.17, for a total value of $73,170.00. Following the sale, the chief financial officer now owns 17,262 shares of the company’s stock, valued at approximately $1,263,060.54. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,415 shares of company stock worth $1,667,761. 50.10% of the stock is owned by company insiders.

Pegasystems Trading Up 0.9 %

NASDAQ:PEGA opened at $97.28 on Friday. The firm has a fifty day simple moving average of $82.51 and a 200 day simple moving average of $70.12. Pegasystems Inc. has a 1-year low of $44.07 and a 1-year high of $97.94. The stock has a market capitalization of $8.34 billion, a PE ratio of 71.01 and a beta of 1.09.

Pegasystems (NASDAQ:PEGA) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.04. Pegasystems had a net margin of 8.29% and a return on equity of 37.83%. The company had revenue of $325.10 million for the quarter, compared to analyst estimates of $326.16 million. During the same period in the previous year, the business earned $0.14 EPS. Pegasystems’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts predict that Pegasystems Inc. will post 1.61 earnings per share for the current fiscal year.

Pegasystems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a $0.03 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.12%. Pegasystems’s payout ratio is 8.76%.

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.