Pegasystems (NASDAQ:PEGA) Given New $83.00 Price Target at JPMorgan Chase & Co.

Pegasystems (NASDAQ:PEGA) had its price objective raised by JPMorgan Chase & Co. from $78.00 to $83.00 in a research note released on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company’s stock.

Other research analysts also recently issued research reports about the company. William Blair upgraded Pegasystems from a market perform rating to an outperform rating in a report on Tuesday, July 30th. Wedbush reiterated an outperform rating and set a $90.00 target price on shares of Pegasystems in a report on Monday, July 29th. Citigroup reduced their target price on Pegasystems from $87.00 to $82.00 and set a buy rating on the stock in a report on Wednesday, June 26th. Rosenblatt Securities upped their target price on Pegasystems from $75.00 to $90.00 and gave the stock a buy rating in a report on Wednesday. Finally, DA Davidson upped their target price on Pegasystems from $60.00 to $70.00 and gave the stock a neutral rating in a report on Friday, July 26th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $82.60.

Pegasystems Stock Down 2.0 %

Shares of Pegasystems stock opened at $67.03 on Wednesday. The firm has a market cap of $5.73 billion, a PE ratio of 81.74 and a beta of 1.08. Pegasystems has a 12-month low of $37.66 and a 12-month high of $72.74. The company’s fifty day simple moving average is $60.08 and its two-hundred day simple moving average is $59.65.

Pegasystems (NASDAQ:PEGA) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.30. The business had revenue of $351.20 million for the quarter, compared to analyst estimates of $323.55 million. Pegasystems had a net margin of 8.72% and a return on equity of 49.62%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.41) EPS. As a group, sell-side analysts expect that Pegasystems will post 1.55 earnings per share for the current fiscal year.

Pegasystems Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were given a $0.03 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.12 annualized dividend and a yield of 0.18%. Pegasystems’s dividend payout ratio (DPR) is presently 14.63%.

Insider Activity at Pegasystems

In related news, insider Leon Trefler sold 752 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $60.21, for a total value of $45,277.92. Following the transaction, the insider now directly owns 39,164 shares of the company’s stock, valued at approximately $2,358,064.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Leon Trefler sold 752 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $60.21, for a total value of $45,277.92. Following the transaction, the insider now directly owns 39,164 shares of the company’s stock, valued at approximately $2,358,064.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sharon T. Rowlands acquired 8,600 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was acquired at an average cost of $58.63 per share, for a total transaction of $504,218.00. Following the completion of the transaction, the director now directly owns 30,871 shares in the company, valued at approximately $1,809,966.73. The disclosure for this purchase can be found here. In the last three months, insiders have sold 6,254 shares of company stock valued at $403,117. 50.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pegasystems

Several hedge funds and other institutional investors have recently modified their holdings of PEGA. Quadrant Capital Group LLC lifted its holdings in shares of Pegasystems by 80.1% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the technology company’s stock valued at $25,000 after buying an additional 226 shares during the period. Headlands Technologies LLC bought a new position in shares of Pegasystems during the 4th quarter valued at $26,000. Parkside Financial Bank & Trust lifted its holdings in shares of Pegasystems by 219.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 530 shares of the technology company’s stock valued at $26,000 after buying an additional 364 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Pegasystems during the 4th quarter valued at $44,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Pegasystems by 15,120.0% during the 2nd quarter. Versant Capital Management Inc now owns 761 shares of the technology company’s stock valued at $46,000 after buying an additional 756 shares during the period. 46.89% of the stock is owned by institutional investors.

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.