Pegasystems (NASDAQ:PEGA) Given New $123.00 Price Target at Citigroup

Pegasystems (NASDAQ:PEGA) had its price target boosted by stock analysts at Citigroup from $99.00 to $123.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 30.67% from the stock’s previous close.

A number of other brokerages also recently issued reports on PEGA. Barclays lifted 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. StockNews.com raised shares of Pegasystems from a “hold” rating to a “buy” rating in a report on Thursday, November 21st. Rosenblatt Securities increased their price objective on Pegasystems from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Wedbush boosted their target price on Pegasystems from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Pegasystems presently has an average rating of “Moderate Buy” and an average target price of $89.00.

Pegasystems Trading Up 1.9 %

Shares of NASDAQ PEGA opened at $94.13 on Wednesday. Pegasystems has a 12-month low of $44.07 and a 12-month high of $97.94. The stock’s fifty day simple moving average is $86.68 and its two-hundred day simple moving average is $72.34. The stock has a market capitalization of $8.07 billion, a PE ratio of 68.71 and a beta of 1.09.

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

Insider Activity at Pegasystems

In other news, insider Leon Trefler sold 752 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $72.00, for a total value of $54,144.00. Following the sale, the insider now directly owns 38,388 shares of the company’s stock, valued at $2,763,936. This represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Efstathios A. Kouninis sold 299 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $96.90, for a total transaction of $28,973.10. The disclosure for this sale can be found here. Insiders have sold a total of 26,914 shares of company stock worth $2,283,688 over the last quarter. Insiders own 50.10% of the company’s stock.

Hedge Funds Weigh In On Pegasystems

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

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.