Arizona State Retirement System Grows Stake in Pegasystems Inc. (NASDAQ:PEGA)

Arizona State Retirement System grew its holdings in shares of Pegasystems Inc. (NASDAQ:PEGA) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,744 shares of the technology company’s stock after buying an additional 262 shares during the period. Arizona State Retirement System’s holdings in Pegasystems were worth $711,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Quadrant Capital Group LLC increased its position in 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 purchasing an additional 226 shares during the period. Versant Capital Management Inc increased its position in shares of Pegasystems by 15,120.0% during the second 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. Headlands Technologies LLC increased its position in shares of Pegasystems by 64.0% during the first quarter. Headlands Technologies LLC now owns 869 shares of the technology company’s stock valued at $56,000 after buying an additional 339 shares during the period. Covestor Ltd raised its stake in Pegasystems by 633.9% in the first quarter. Covestor Ltd now owns 1,233 shares of the technology company’s stock worth $80,000 after buying an additional 1,065 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new stake in Pegasystems in the second quarter worth about $124,000. Institutional investors own 46.89% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Kenneth Stillwell sold 2,000 shares of Pegasystems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $59.78, for a total value of $119,560.00. Following the completion of the sale, the chief financial officer now directly owns 22,197 shares in the company, valued at $1,326,936.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pegasystems news, insider Rifat Kerim Akgonul sold 1,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the insider now directly owns 50,505 shares in the company, valued at approximately $3,535,350. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Kenneth Stillwell sold 2,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $59.78, for a total value of $119,560.00. Following the completion of the transaction, the chief financial officer now owns 22,197 shares in the company, valued at $1,326,936.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,955 shares of company stock valued at $3,303,771. 50.10% of the stock is owned by insiders.

Pegasystems Stock Up 1.0 %

Shares of PEGA opened at $67.29 on Monday. The company has a market capitalization of $5.72 billion, a P/E ratio of 82.06 and a beta of 1.07. Pegasystems Inc. has a twelve month low of $37.66 and a twelve month high of $72.74. The firm has a 50 day moving average of $65.63 and a 200 day moving average of $62.56.

Pegasystems (NASDAQ:PEGA) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.30. Pegasystems had a return on equity of 49.62% and a net margin of 8.72%. The firm had revenue of $351.20 million during the quarter, compared to analysts’ expectations of $323.55 million. During the same quarter in the previous year, the business earned ($0.41) earnings per share. The company’s revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts expect that Pegasystems Inc. will post 1.54 EPS for the current year.

Wall Street Analysts Forecast Growth

PEGA has been the topic of a number of research analyst reports. Barclays upped their target price on Pegasystems from $69.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Loop Capital raised Pegasystems from a “hold” rating to a “buy” rating and raised their price objective for the company from $68.00 to $84.00 in a research report on Thursday, August 1st. Rosenblatt Securities upped their target price on shares of Pegasystems from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada lifted their price target on shares of Pegasystems from $77.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, William Blair upgraded shares of Pegasystems from a “market perform” rating to an “outperform” rating in a report on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.60.

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.