Verition Fund Management LLC Trims Holdings in Pegasystems Inc. (NASDAQ:PEGA)

Verition Fund Management LLC lessened its stake in Pegasystems Inc. (NASDAQ:PEGA) by 20.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,932 shares of the technology company’s stock after selling 740 shares during the period. Verition Fund Management LLC’s holdings in Pegasystems were worth $214,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its position in shares of Pegasystems by 49.1% in 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 during the last quarter. Financial Management Professionals Inc. bought a new stake in Pegasystems in the third quarter valued at about $57,000. Capital Performance Advisors LLP acquired a new stake in Pegasystems during the third quarter valued at approximately $67,000. Headlands Technologies LLC lifted its holdings in Pegasystems by 29.9% during the 2nd 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 last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Pegasystems in the 2nd quarter worth approximately $104,000. 46.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PEGA shares. Rosenblatt Securities upped their price target on Pegasystems from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, October 25th. StockNews.com raised shares of Pegasystems from a “hold” rating to a “buy” rating in a report on Thursday, November 21st. Wedbush increased their price objective on shares of Pegasystems from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Citigroup lifted their target price on Pegasystems from $87.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Barclays increased their price target on Pegasystems from $74.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $85.90.

Insider Activity

In other news, CAO Efstathios A. Kouninis sold 528 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $83.00, for a total transaction of $43,824.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Leon Trefler sold 752 shares of Pegasystems stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $72.00, for a total transaction of $54,144.00. Following the completion of the transaction, the insider now directly owns 38,388 shares in the company, valued at $2,763,936. This represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,615 shares of company stock worth $2,254,715 over the last three months. Corporate insiders own 50.10% of the company’s stock.

Pegasystems Price Performance

Shares of Pegasystems stock opened at $94.59 on Monday. Pegasystems Inc. has a 1-year low of $44.07 and a 1-year high of $97.94. The business’s fifty day moving average price is $84.87 and its two-hundred day moving average price is $71.49. The company has a market capitalization of $8.11 billion, a P/E ratio of 69.04 and a beta of 1.09.

Pegasystems (NASDAQ:PEGA) last posted its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.04. The business had revenue of $325.10 million during the quarter, compared to the consensus estimate of $326.16 million. Pegasystems had a net margin of 8.29% and a return on equity of 37.83%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 earnings per share. On average, research analysts expect that Pegasystems Inc. will post 1.61 earnings per share for the current fiscal year.

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.