Maverick Capital Ltd. Increases Stake in Pegasystems Inc. (NASDAQ:PEGA)

Maverick Capital Ltd. boosted its stake in Pegasystems Inc. (NASDAQ:PEGA) by 354.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,511 shares of the technology company’s stock after buying an additional 23,017 shares during the period. Maverick Capital Ltd.’s holdings in Pegasystems were worth $1,786,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bares Capital Management Inc. raised its position in shares of Pegasystems by 1.6% in the 4th quarter. Bares Capital Management Inc. now owns 5,862,346 shares of the technology company’s stock worth $286,434,000 after acquiring an additional 90,993 shares in the last quarter. Vanguard Group Inc. raised its holdings in 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 in the last quarter. Pacer Advisors Inc. purchased a new position in Pegasystems during the second quarter valued at $67,968,000. Ranger Investment Management L.P. boosted its holdings in shares of Pegasystems by 29.9% during the 4th quarter. Ranger Investment Management L.P. now owns 625,471 shares of the technology company’s stock valued at $30,561,000 after buying an additional 143,986 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Pegasystems by 104.5% during the 2nd quarter. AQR Capital Management LLC now owns 554,777 shares of the technology company’s stock valued at $33,381,000 after buying an additional 283,508 shares in the last quarter. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. William Blair raised shares of Pegasystems from a “market perform” rating to an “outperform” rating in a research report on Tuesday, July 30th. Royal Bank of Canada raised their target price on shares of Pegasystems from $77.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Loop Capital raised Pegasystems from a “hold” rating to a “buy” rating and boosted their price target for the stock from $68.00 to $84.00 in a research report on Thursday, August 1st. JPMorgan Chase & Co. raised their price objective on Pegasystems from $78.00 to $83.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, DA Davidson lifted their price objective on Pegasystems from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given 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 target price of $83.60.

Insider Buying and Selling

In other Pegasystems news, insider Leon Trefler sold 752 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $60.21, for a total transaction of $45,277.92. Following the completion of the sale, the insider now directly owns 39,164 shares in the company, valued at approximately $2,358,064.44. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Pegasystems news, insider Leon Trefler sold 752 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $60.21, for a total transaction of $45,277.92. Following the completion of the sale, the insider now directly owns 39,164 shares in the company, valued at approximately $2,358,064.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kenneth Stillwell sold 2,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $59.78, for a total transaction of $119,560.00. Following the completion of the transaction, the chief financial officer now owns 22,197 shares in the company, valued at approximately $1,326,936.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,955 shares of company stock worth $3,243,771. 50.10% of the stock is owned by insiders.

Pegasystems Trading Down 0.9 %

Pegasystems stock opened at $72.21 on Friday. The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 88.06 and a beta of 1.07. Pegasystems Inc. has a 12 month low of $37.66 and a 12 month high of $74.40. The stock has a fifty day simple moving average of $67.47 and a two-hundred day simple moving average of $62.89.

Pegasystems (NASDAQ:PEGA) last issued its earnings results 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. The business had revenue of $351.20 million during the quarter, compared to analyst estimates of $323.55 million. Pegasystems had a return on equity of 49.62% and a net margin of 8.72%. Pegasystems’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.41) EPS. On average, equities research analysts forecast that Pegasystems Inc. will post 1.54 EPS for the current fiscal year.

Pegasystems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a dividend of $0.03 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.12 dividend on an annualized basis and a yield of 0.17%. Pegasystems’s dividend payout ratio (DPR) is 14.63%.

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.