Connor Clark & Lunn Investment Management Ltd. Purchases 8,170 Shares of Pegasystems Inc. (NASDAQ:PEGA)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 9.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 96,911 shares of the technology company's stock after acquiring an additional 8,170 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of Pegasystems worth $7,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quest Partners LLC grew its position in shares of Pegasystems by 306.1% in the 3rd quarter. Quest Partners LLC now owns 2,709 shares of the technology company's stock worth $198,000 after buying an additional 2,042 shares during the period. Swiss National Bank boosted its stake in Pegasystems by 0.6% during the third quarter. Swiss National Bank now owns 83,000 shares of the technology company's stock worth $6,066,000 after acquiring an additional 500 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Pegasystems by 0.9% in the third quarter. Victory Capital Management Inc. now owns 60,383 shares of the technology company's stock worth $4,413,000 after purchasing an additional 542 shares during the period. Cumberland Partners Ltd bought a new position in shares of Pegasystems during the third quarter valued at approximately $1,462,000. Finally, GSA Capital Partners LLP lifted its holdings in shares of Pegasystems by 136.7% during the third quarter. GSA Capital Partners LLP now owns 40,066 shares of the technology company's stock valued at $2,928,000 after purchasing an additional 23,141 shares during the last quarter. Hedge funds and other institutional investors own 46.89% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wedbush raised their price objective on Pegasystems from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. Royal Bank of Canada raised their price target on Pegasystems from $77.00 to $90.00 and gave the company an "outperform" rating in a report on Friday, July 26th. Loop Capital upgraded shares of Pegasystems from a "hold" rating to a "buy" rating and upped their price target for the stock from $68.00 to $84.00 in a research note on Thursday, August 1st. JMP Securities upgraded shares of Pegasystems from a "market perform" rating to an "outperform" rating and set a $85.00 price objective for the company in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group upped their target price on shares of Pegasystems from $70.00 to $78.00 and gave the stock a "neutral" rating in a research note on Friday, July 26th. Three 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $85.90.

Pegasystems Trading Up 2.3 %

PEGA stock traded up $2.02 on Friday, hitting $91.52. The company had a trading volume of 409,647 shares, compared to its average volume of 527,859. Pegasystems Inc. has a 12-month low of $44.07 and a 12-month high of $91.67. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of 66.80 and a beta of 1.06. The stock's 50-day simple moving average is $77.31 and its 200 day simple moving average is $67.85.

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

Pegasystems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.13%. Pegasystems's dividend payout ratio is currently 8.76%.

Insider Activity

In other news, insider Rifat Kerim Akgonul sold 1,000 shares of the business's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $70.41, for a total transaction of $70,410.00. Following the completion of the sale, the insider now owns 46,505 shares of the company's stock, valued at $3,274,417.05. The trade was a 2.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Efstathios A. Kouninis sold 750 shares of the company's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $71.00, for a total value of $53,250.00. Following the completion of the sale, the chief accounting officer now owns 2 shares of the company's stock, valued at $142. This trade represents a 99.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,345 shares of company stock valued at $2,507,284 in the last quarter. 50.10% of the stock is currently owned by insiders.

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.