JPMorgan Chase & Co. Increases Pegasystems (NASDAQ:PEGA) Price Target to $74.00

by · The Cerbat Gem

Pegasystems (NASDAQ:PEGA – Get Free Report) had its target price raised by JPMorgan Chase & Co. from $65.00 to $74.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 24.39% from the stock’s current price.

Several other research analysts also recently commented on PEGA. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pegasystems in a research report on Monday. Royal Bank Of Canada restated an “outperform” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Pegasystems in a research note on Wednesday, October 22nd. Rosenblatt Securities upped their target price on shares of Pegasystems from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Barclays increased their price target on shares of Pegasystems from $58.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, October 23rd. Finally, Wedbush raised their price target on shares of Pegasystems from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Pegasystems presently has an average rating of “Moderate Buy” and a consensus target price of $70.05.

Get Our Latest Research Report on Pegasystems

Pegasystems Trading Up 4.4%

Pegasystems stock traded up $2.49 on Friday, reaching $59.49. 357,012 shares of the stock were exchanged, compared to its average volume of 1,756,413. Pegasystems has a twelve month low of $29.84 and a twelve month high of $68.10. The firm has a fifty day moving average price of $57.73 and a two-hundred day moving average price of $54.88. The stock has a market cap of $10.10 billion, a PE ratio of 39.76 and a beta of 1.09.

Pegasystems (NASDAQ:PEGA – Get Free Report) last issued its quarterly earnings results on Tuesday, October 21st. The technology company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.12. Pegasystems had a return on equity of 43.49% and a net margin of 16.05%.The company had revenue of $381.35 million for the quarter, compared to the consensus estimate of $351.95 million. During the same period last year, the business posted $0.39 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. Equities analysts anticipate that Pegasystems will post 1.89 EPS for the current fiscal year.

Insider Activity at Pegasystems

In other news, insider Leon Trefler sold 14,865 shares of Pegasystems stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $63.40, for a total transaction of $942,441.00. Following the sale, the insider directly owned 118,799 shares in the company, valued at approximately $7,531,856.60. The trade was a 11.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Alan Trefler sold 45,000 shares of the stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $56.73, for a total transaction of $2,552,850.00. Following the completion of the transaction, the chairman directly owned 44,979,364 shares of the company’s stock, valued at $2,551,679,319.72. This trade represents a 0.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 196,660 shares of company stock worth $11,789,077 in the last ninety days. Company insiders own 49.70% of the company’s stock.

Institutional Trading of Pegasystems

Institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB lifted its holdings in Pegasystems by 100.9% during the 2nd quarter. Nordea Investment Management AB now owns 196,065 shares of the technology company’s stock valued at $10,492,000 after purchasing an additional 98,468 shares during the last quarter. Herald Investment Management Ltd increased its holdings in shares of Pegasystems by 100.0% during the second quarter. Herald Investment Management Ltd now owns 703,600 shares of the technology company’s stock worth $38,086,000 after buying an additional 351,800 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of Pegasystems by 60.3% in the second quarter. Allianz Asset Management GmbH now owns 240,225 shares of the technology company’s stock valued at $13,003,000 after acquiring an additional 90,404 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Pegasystems in the 2nd quarter worth approximately $2,653,000. Finally, Retirement Systems of Alabama bought a new stake in Pegasystems during the 2nd quarter worth approximately $5,889,000. Institutional investors and hedge funds own 46.89% of the company’s stock.

About Pegasystems

(Get Free Report)

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.

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