Pegasystems (NASDAQ:PEGA) Price Target Raised to $123.00

Pegasystems (NASDAQ:PEGA - Get Free Report) had its price objective increased by 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 price target suggests a potential upside of 33.12% from the company's previous close.

A number of other analysts also recently commented on PEGA. StockNews.com upgraded Pegasystems from a "hold" rating to a "buy" rating in a research note on Thursday, November 21st. Rosenblatt Securities upped their price objective on Pegasystems from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Barclays lifted their target price on shares of Pegasystems from $74.00 to $82.00 and gave the company an "equal weight" rating in a report on Friday, October 25th. Finally, Wedbush increased their price target on shares of Pegasystems from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $89.00.

Pegasystems Price Performance

PEGA traded down $4.26 during trading on Wednesday, reaching $92.40. 393,453 shares of the company's stock were exchanged, compared to its average volume of 537,403. Pegasystems has a 1 year low of $44.07 and a 1 year high of $97.94. The company's fifty day simple moving average is $86.28 and its 200-day simple moving average is $72.19. The stock has a market capitalization of $7.92 billion, a P/E ratio of 67.45 and a beta of 1.09.

Pegasystems (NASDAQ:PEGA - Get Free Report) last issued 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 net margin of 8.29% and a return on equity of 37.83%. The firm had revenue of $325.10 million during the quarter, compared to analysts' expectations of $326.16 million. During the same quarter last year, the company posted $0.14 earnings per share. The firm's revenue was down 2.8% compared to the same quarter last year. Equities analysts forecast that Pegasystems will post 1.61 EPS for the current year.

Insider Activity at Pegasystems

In related news, insider Leon Trefler sold 752 shares of the business's stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $72.00, for a total transaction of $54,144.00. Following the sale, the insider now owns 38,388 shares of the company's stock, valued at approximately $2,763,936. The trade was a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Rifat Kerim Akgonul sold 1,000 shares of the company's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $80.07, for a total value of $80,070.00. Following the completion of the sale, the insider now directly owns 47,119 shares in the company, valued at $3,772,818.33. This trade represents a 2.08 % decrease in their position. 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 in the last three months. Insiders own 50.10% of the company's stock.

Hedge Funds Weigh In On Pegasystems

Several hedge funds have recently added to or reduced their stakes in PEGA. True Wealth Design LLC purchased a new stake in shares of Pegasystems during the third quarter worth about $27,000. Venturi Wealth Management LLC increased its position in Pegasystems by 49.1% during 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. purchased a new position in shares of Pegasystems in the 3rd quarter valued at $57,000. Capital Performance Advisors LLP purchased a new stake in shares of Pegasystems in the third quarter worth about $67,000. Finally, Headlands Technologies LLC boosted its position in shares of Pegasystems by 29.9% in the second quarter. Headlands Technologies LLC now owns 1,129 shares of the technology company's stock worth $68,000 after buying an additional 260 shares during the period. 46.89% of the stock is currently owned by hedge funds and other institutional investors.

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.