CIBC Asset Management Inc Takes $242,000 Position in Pegasystems Inc. (NASDAQ:PEGA)

CIBC Asset Management Inc purchased a new stake in shares of Pegasystems Inc. (NASDAQ:PEGA) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,598 shares of the technology company’s stock, valued at approximately $242,000.

Other institutional investors also recently bought and sold shares of the company. Raymond James & Associates raised 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 valued at $5,148,000 after acquiring an additional 44,035 shares during the period. Private Advisor Group LLC bought a new position in Pegasystems during the 3rd quarter valued at about $310,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Pegasystems in the 3rd quarter worth about $604,000. Pallas Capital Advisors LLC purchased a new stake in Pegasystems in the 3rd quarter worth about $382,000. Finally, New York State Teachers Retirement System lifted its stake in Pegasystems by 5.4% in the third quarter. New York State Teachers Retirement System now owns 4,099 shares of the technology company’s stock worth $300,000 after purchasing an additional 211 shares during the last quarter. 46.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PEGA shares. Rosenblatt Securities upped their target price on Pegasystems from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. KeyCorp reiterated an “overweight” rating and issued a $118.00 target price on shares of Pegasystems in a research note on Tuesday, January 14th. JMP Securities reissued a “market outperform” rating and set a $110.00 target price on shares of Pegasystems in a research note on Thursday, February 13th. Royal Bank of Canada upped their price target on shares of Pegasystems from $90.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, StockNews.com upgraded shares of Pegasystems from a “buy” rating to a “strong-buy” rating in a report on Monday. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $99.36.

Pegasystems Stock Performance

NASDAQ PEGA opened at $78.38 on Wednesday. The company has a market cap of $6.73 billion, a PE ratio of 77.60 and a beta of 1.11. Pegasystems Inc. has a 52-week low of $54.55 and a 52-week high of $113.67. The firm’s 50 day moving average price is $97.08 and its 200-day moving average price is $84.85.

Pegasystems (NASDAQ:PEGA) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.20). Pegasystems had a net margin of 6.63% and a return on equity of 32.09%. On average, analysts forecast that Pegasystems Inc. will post 1.89 earnings per share for the current fiscal year.

Pegasystems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 2nd were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date was Thursday, January 2nd. Pegasystems’s dividend payout ratio is currently 11.88%.

Insider Transactions at Pegasystems

In related news, CAO Efstathios A. Kouninis sold 299 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $96.90, for a total transaction of $28,973.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Leon Trefler sold 752 shares of the 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 of the company’s stock, valued at approximately $3,489,226.40. This trade represents a 2.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,745 shares of company stock valued at $2,001,989 in the last 90 days. Insiders own 50.10% of the company’s stock.

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.