Bares Capital Management Inc. Sells 2,792,514 Shares of Pegasystems Inc. (NASDAQ:PEGA)

Bares Capital Management Inc. cut its stake in Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 51.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,655,352 shares of the technology company's stock after selling 2,792,514 shares during the quarter. Pegasystems makes up approximately 17.7% of Bares Capital Management Inc.'s portfolio, making the stock its 2nd largest holding. Bares Capital Management Inc. owned approximately 3.10% of Pegasystems worth $194,080,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC purchased a new position in Pegasystems in the 3rd quarter valued at approximately $27,000. Venturi Wealth Management LLC grew its stake in shares of Pegasystems by 49.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 656 shares of the technology company's stock valued at $48,000 after purchasing an additional 216 shares during the last quarter. Financial Management Professionals Inc. acquired a new stake in shares of Pegasystems in the 3rd quarter valued at approximately $57,000. Capital Performance Advisors LLP purchased a new position in Pegasystems in the third quarter valued at about $67,000. Finally, Headlands Technologies LLC boosted its position in Pegasystems by 29.9% during the second quarter. Headlands Technologies LLC now owns 1,129 shares of the technology company's stock worth $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.

Insider Buying and Selling

In other Pegasystems news, insider Rifat Kerim Akgonul sold 1,000 shares of Pegasystems stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $80.07, for a total transaction of $80,070.00. Following the transaction, the insider now owns 47,119 shares of the company's stock, valued at $3,772,818.33. The trade was a 2.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Efstathios A. Kouninis sold 528 shares of Pegasystems stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $83.00, for a total transaction of $43,824.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,415 shares of company stock worth $1,667,761. Insiders own 50.10% of the company's stock.

Pegasystems Stock Performance

Pegasystems stock traded down $0.41 during mid-day trading on Tuesday, reaching $94.00. 493,401 shares of the company were exchanged, compared to its average volume of 541,029. Pegasystems Inc. has a twelve month low of $44.07 and a twelve month high of $97.94. The firm has a market cap of $8.06 billion, a PE ratio of 68.61 and a beta of 1.09. The firm's 50-day simple moving average is $82.94 and its two-hundred day simple moving average is $70.48.

Pegasystems (NASDAQ:PEGA - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $325.10 million during the quarter, compared to analysts' expectations of $326.16 million. During the same quarter last year, the business posted $0.14 earnings per share. The business's revenue for the quarter was down 2.8% on a year-over-year basis. As a group, equities research analysts anticipate that Pegasystems Inc. will post 1.61 EPS for the current year.

Pegasystems Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.13%. Pegasystems's dividend payout ratio is presently 8.76%.

Analyst Ratings Changes

PEGA has been the subject of a number of research reports. StockNews.com upgraded Pegasystems from a "hold" rating to a "buy" rating in a research note on Thursday, November 21st. Wedbush lifted their price target on shares of Pegasystems from $90.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Barclays raised their price target on shares of Pegasystems from $74.00 to $82.00 and gave the company an "equal weight" rating in a research note on Friday, October 25th. Rosenblatt Securities boosted their price objective on Pegasystems from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Finally, Citigroup raised their price objective on Pegasystems from $87.00 to $92.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.90.

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.