Burgundy Asset Management Ltd. Acquires Shares of 58,896 Pegasystems Inc. (NASDAQ:PEGA)

Burgundy Asset Management Ltd. acquired a new stake in Pegasystems Inc. (NASDAQ:PEGA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 58,896 shares of the technology company’s stock, valued at approximately $3,565,000.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Pegasystems during the fourth quarter worth approximately $22,784,000. Dimensional Fund Advisors LP increased its position in shares of Pegasystems by 266.8% during the second quarter. Dimensional Fund Advisors LP now owns 390,580 shares of the technology company’s stock worth $23,641,000 after purchasing an additional 284,095 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Pegasystems by 4.9% during 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 in the last quarter. Acadian Asset Management LLC increased its position in shares of Pegasystems by 77.8% during the first quarter. Acadian Asset Management LLC now owns 499,532 shares of the technology company’s stock worth $32,273,000 after purchasing an additional 218,599 shares in the last quarter. Finally, Ranger Investment Management L.P. increased its position in shares of Pegasystems by 29.9% during 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 in the last quarter. 46.89% of the stock is owned by institutional investors and hedge funds.

Pegasystems Stock Down 0.2 %

Shares of Pegasystems stock opened at $66.35 on Thursday. Pegasystems Inc. has a 52 week low of $37.66 and a 52 week high of $72.74. The business’s fifty day simple moving average is $66.17 and its 200-day simple moving average is $62.60. The firm has a market cap of $5.67 billion, a PE ratio of 80.92 and a beta of 1.07.

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

Pegasystems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.18%. The ex-dividend date of this dividend is Tuesday, October 1st. Pegasystems’s payout ratio is 14.63%.

Insider Buying and Selling

In related news, insider Leon Trefler sold 752 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $72.09, for a total transaction of $54,211.68. Following the transaction, the insider now owns 38,412 shares of the company’s stock, valued at approximately $2,769,121.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Pegasystems news, insider Leon Trefler sold 752 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $72.09, for a total transaction of $54,211.68. Following the sale, the insider now owns 38,412 shares in the company, valued at approximately $2,769,121.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kenneth Stillwell sold 1,000 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $60.00, for a total value of $60,000.00. Following the sale, the chief financial officer now owns 23,951 shares in the company, valued at approximately $1,437,060. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,955 shares of company stock valued at $3,303,771. Corporate insiders own 50.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on PEGA. DA Davidson boosted their price target on Pegasystems from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Barclays upped their target price on Pegasystems from $69.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Royal Bank of Canada upped their target price on Pegasystems from $77.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Citigroup dropped their target price on Pegasystems from $87.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. upped their target price on Pegasystems from $78.00 to $83.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.60.

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.