Mirae Asset Global Investments Co. Ltd. Cuts Position in Pegasystems Inc. (NASDAQ:PEGA)

Mirae Asset Global Investments Co. Ltd. lessened its position in Pegasystems Inc. (NASDAQ:PEGA) by 6.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,386 shares of the technology company’s stock after selling 851 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Pegasystems were worth $1,264,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its stake in Pegasystems by 5.1% during the second quarter. The Manufacturers Life Insurance Company now owns 10,992 shares of the technology company’s stock worth $665,000 after purchasing an additional 533 shares during the period. CWM LLC increased its stake in Pegasystems by 47.6% during the 3rd quarter. CWM LLC now owns 31,306 shares of the technology company’s stock worth $2,288,000 after buying an additional 10,103 shares during the period. Ellsworth Advisors LLC acquired a new stake in Pegasystems during the 3rd quarter worth approximately $571,000. Inspire Advisors LLC purchased a new position in Pegasystems in the 3rd quarter valued at approximately $229,000. Finally, Raymond James & Associates grew its stake in shares of Pegasystems by 166.8% in the third quarter. Raymond James & Associates now owns 70,432 shares of the technology company’s stock worth $5,148,000 after acquiring an additional 44,035 shares in the last quarter. Institutional investors and hedge funds own 46.89% of the company’s stock.

Pegasystems Price Performance

Shares of NASDAQ:PEGA opened at $103.31 on Wednesday. Pegasystems Inc. has a 1-year low of $47.82 and a 1-year high of $113.67. The stock has a market cap of $8.86 billion, a P/E ratio of 75.41 and a beta of 1.11. The firm has a fifty day moving average price of $99.17 and a 200 day moving average price of $83.32.

Pegasystems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 2nd were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date was Thursday, January 2nd. Pegasystems’s dividend payout ratio is currently 8.76%.

Insider Buying and Selling

In related news, insider Leon Trefler sold 752 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $94.60, for a total value of $71,139.20. Following the completion of the sale, the insider now owns 36,884 shares in the company, valued at $3,489,226.40. This trade represents a 2.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kenneth Stillwell sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $105.63, for a total value of $211,260.00. Following the transaction, the chief financial officer now owns 14,466 shares in the company, valued at $1,528,043.58. The trade was a 12.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,003 shares of company stock valued at $1,346,086 over the last quarter. 50.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. StockNews.com upgraded Pegasystems from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st. KeyCorp reaffirmed an “overweight” rating and issued a $118.00 price target on shares of Pegasystems in a research report on Tuesday, January 14th. Wedbush raised their price objective on shares of Pegasystems from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Citigroup boosted their target price on shares of Pegasystems from $99.00 to $123.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada raised their price target on Pegasystems from $90.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Pegasystems presently has a consensus rating of “Moderate Buy” and an average price target of $97.64.

Pegasystems 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.