Covestor Ltd Cuts Stock Position in Pegasystems Inc. (NASDAQ:PEGA)

Covestor Ltd trimmed its position in shares of Pegasystems Inc. (NASDAQ:PEGA) by 34.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 853 shares of the technology company’s stock after selling 457 shares during the quarter. Covestor Ltd’s holdings in Pegasystems were worth $63,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in PEGA. Versant Capital Management Inc increased its position in shares of Pegasystems by 15,120.0% during the second quarter. Versant Capital Management Inc now owns 761 shares of the technology company’s stock worth $46,000 after purchasing an additional 756 shares in the last quarter. Headlands Technologies LLC grew its holdings in Pegasystems by 64.0% in the 1st quarter. Headlands Technologies LLC now owns 869 shares of the technology company’s stock valued at $56,000 after buying an additional 339 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in Pegasystems in the 3rd quarter valued at $57,000. Capital Performance Advisors LLP purchased a new stake in Pegasystems in the 3rd quarter valued at $67,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Pegasystems in the 2nd quarter valued at $104,000. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pegasystems

In other Pegasystems news, insider Rifat Kerim Akgonul sold 1,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $70.41, for a total value of $70,410.00. Following the sale, the insider now owns 46,505 shares of the company’s stock, valued at $3,274,417.05. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Efstathios A. Kouninis sold 528 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $83.00, for a total value of $43,824.00. The disclosure for this sale can be found here. Insiders have sold 41,093 shares of company stock valued at $3,042,389 in the last quarter. Corporate insiders own 50.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Loop Capital upgraded Pegasystems from a “hold” rating to a “buy” rating and upped their target price for the company from $68.00 to $84.00 in a report on Thursday, August 1st. Barclays upped their target price on Pegasystems from $74.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. 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. Royal Bank of Canada upped their price target on Pegasystems from $77.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, StockNews.com raised Pegasystems from a “hold” rating to a “buy” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.90.

Pegasystems Trading Down 2.1 %

PEGA opened at $88.45 on Friday. The stock’s 50-day moving average price is $74.40 and its 200 day moving average price is $66.50. Pegasystems Inc. has a 12-month low of $44.07 and a 12-month high of $91.54. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 65.92 and a beta of 1.06.

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

Pegasystems Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Tuesday, October 1st. Pegasystems’s dividend payout ratio is currently 8.76%.

Pegasystems 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.