Harber Asset Management LLC Acquires New Shares in Pegasystems Inc. $PEGA

Harber Asset Management LLC bought a new stake in shares of Pegasystems Inc. (NASDAQ:PEGA) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 104,579 shares of the technology company’s stock, valued at approximately $3,134,000. Pegasystems accounts for about 1.9% of Harber Asset Management LLC’s portfolio, making the stock its 29th biggest holding.

Several other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Pegasystems in the second quarter worth $286,923,000. AQR Capital Management LLC raised its stake in shares of Pegasystems by 236.2% during the 2nd quarter. AQR Capital Management LLC now owns 4,037,552 shares of the technology company’s stock valued at $217,584,000 after purchasing an additional 2,836,733 shares during the period. State Street Corp lifted its holdings in Pegasystems by 255.3% during the 2nd quarter. State Street Corp now owns 2,907,677 shares of the technology company’s stock worth $157,393,000 after purchasing an additional 2,089,375 shares in the last quarter. Copeland Capital Management LLC purchased a new stake in Pegasystems during the 1st quarter worth about $47,817,000. Finally, Capital Impact Advisors LLC bought a new position in Pegasystems in the 4th quarter worth about $45,705,000. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PEGA. Barclays reaffirmed an “overweight” rating and set a $39.00 target price (down from $48.00) on shares of Pegasystems in a report on Thursday, July 23rd. Rosenblatt Securities cut their price objective on shares of Pegasystems from $58.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. DA Davidson set a $32.00 price objective on shares of Pegasystems and gave the company a “buy” rating in a research note on Friday, July 24th. KeyCorp cut shares of Pegasystems from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, July 22nd. Finally, Royal Bank Of Canada set a $35.00 target price on shares of Pegasystems and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Pegasystems presently has an average rating of “Hold” and an average price target of $50.10.

Insider Transactions at Pegasystems

In other Pegasystems news, CAO Efstathios A. Kouninis sold 750 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $36.99, for a total transaction of $27,742.50. Following the completion of the sale, the chief accounting officer directly owned 2,144 shares in the company, valued at $79,306.56. This represents a 25.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 2,250 shares of company stock worth $78,038 in the last ninety days. Corporate insiders own 48.40% of the company’s stock.

Pegasystems Stock Performance

PEGA stock opened at $33.56 on Friday. The company has a market capitalization of $5.52 billion, a PE ratio of 18.96 and a beta of 0.87. Pegasystems Inc. has a one year low of $25.10 and a one year high of $68.10. The company’s 50 day moving average price is $31.08 and its two-hundred day moving average price is $36.72.

Pegasystems (NASDAQ:PEGA) last announced its quarterly earnings data on Tuesday, July 21st. The technology company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.08). Pegasystems had a net margin of 18.66% and a return on equity of 32.21%. The business had revenue of $420.72 million during the quarter, compared to analysts’ expectations of $427.38 million. During the same period last year, the company posted $0.28 EPS. Pegasystems’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, research analysts predict that Pegasystems Inc. will post 1.71 EPS for the current year.

Pegasystems Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a $0.03 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.12 annualized dividend and a yield of 0.4%. Pegasystems’s payout ratio is currently 6.78%.

About Pegasystems

Pegasystems Inc is a software company specializing in customer engagement and digital process automation solutions. Headquartered in Cambridge, Massachusetts, Pegasystems develops enterprise applications designed to help organizations streamline operations, manage customer interactions and automate complex workflows. Its platform supports a wide range of use cases, from sales and marketing optimization to case management and robotic process automation.

The core of Pegasystems’ offering is the Pega Platform, a low-code development environment that enables businesses to build and deploy applications with minimal hand-coding.