Cookson Peirce & Co. Inc. has taken a significant step in the technology sector by acquiring a new position in Pegasystems Inc. (NASDAQ: PEGA). During the third quarter of 2023, the investment firm purchased 209,267 shares of Pegasystems, valued at approximately $12,033,000. This move highlights growing confidence in the company’s potential amid a competitive market landscape.
Several other large investors have also recently adjusted their stakes in Pegasystems, indicating a surge of interest in the company. Hazlett Burt & Watson Inc. acquired a new stake valued at approximately $28,000 during the same quarter. Meanwhile, Spire Wealth Management increased its holdings by an impressive 274.2% during the second quarter, now owning 565 shares worth $31,000. Hantz Financial Services Inc. also made notable moves, lifting its position by 321.6% to reach 565 shares valued at $32,000.
Blue Trust Inc. saw a remarkable increase in its position, raising its stake in Pegasystems by 902.9% in the third quarter, now owning 682 shares valued at $39,000. Collectively, hedge funds and institutional investors now own 46.89% of Pegasystems’ stock.
Stock Performance and Recent Developments
As of the last trading session, Pegasystems shares opened at $40.59. The company has experienced a 12-month low of $29.84 and a high of $68.10. Its market capitalization stands at approximately $6.86 billion, with a price-to-earnings (P/E) ratio of 19.01. The firm’s 50-day moving average is $53.96, while the 200-day moving average is $55.81.
In addition to stock performance, Pegasystems recently announced a quarterly dividend of $0.03 per share, which was paid on January 16, 2024. This dividend, representing an annualized amount of $0.12, yields 0.3%. The company’s current dividend payout ratio is 8.05%.
Analysts’ Ratings and Insider Transactions
Various research firms have weighed in on Pegasystems, with analysts setting new price targets following recent performances. Citigroup reaffirmed a “buy” rating, adjusting its price target to $73.00, down from $81.00. DA Davidson upgraded its rating from “neutral” to “buy,” raising its price objective from $60.00 to $85.00. Meanwhile, Rosenblatt Securities maintained a “buy” rating with a target of $62.00.
The consensus among analysts is a “Moderate Buy” rating for Pegasystems, with a consensus price target of $66.95. Ten analysts currently rate the stock as a buy, while two have assigned a hold rating.
In terms of insider activity, Pegasystems’ Chief Financial Officer, Kenneth Stillwell, sold 14,405 shares on December 5, 2023, at an average price of $57.87, amounting to a transaction of $833,617.35. Following this sale, he retains ownership of 131,621 shares valued at approximately $7.62 million.
Similarly, insider Rifat Kerim Akgonul sold 4,000 shares on December 8, 2023, at an average price of $60.19, totaling $240,760.00. Following this transaction, Akgonul holds 112,845 shares valued at around $6.79 million. Over the past three months, insiders have sold a total of 108,405 shares valued at approximately $5.9 million.
Pegasystems, headquartered in Cambridge, Massachusetts, specializes in customer engagement and digital process automation solutions. Its flagship product, the Pega Platform, is a low-code environment designed to help businesses streamline operations, manage customer interactions, and automate workflows effectively.
As the market evolves, Pegasystems’ focus on innovation and growth in areas such as artificial intelligence and cloud solutions may play a crucial role in shaping its future trajectory.
