Abacus FCF Advisors LLC Purchases 47,909 Shares of Pegasystems Inc. $PEGA

Abacus FCF Advisors LLC raised its position in shares of Pegasystems Inc. (NASDAQ:PEGA - Free Report) by 103.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,208 shares of the technology company's stock after buying an additional 47,909 shares during the quarter. Abacus FCF Advisors LLC owned about 0.06% of Pegasystems worth $5,099,000 as of its most recent SEC filing.

• PEGA Surges 14%: There's Still Time to Ride This GenAI Innovator

Several other hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA purchased a new position in shares of Pegasystems in the first quarter valued at $151,149,000. Jacobs Levy Equity Management Inc. bought a new position in Pegasystems during the first quarter valued at $68,229,000. AQR Capital Management LLC increased its position in shares of Pegasystems by 60.1% during the 1st quarter. AQR Capital Management LLC now owns 1,200,819 shares of the technology company's stock valued at $81,337,000 after purchasing an additional 450,951 shares during the last quarter. Teacher Retirement System of Texas increased its position in Pegasystems by 275.3% during the first quarter. Teacher Retirement System of Texas now owns 603,183 shares of the technology company's stock valued at $41,933,000 after acquiring an additional 442,462 shares during the last quarter. Finally, Broad Bay Capital Management LP purchased a new stake in shares of Pegasystems in the first quarter worth approximately $21,532,000. 46.89% of the stock is owned by hedge funds and other institutional investors.

Pegasystems Price Performance

Shares of Pegasystems stock opened at $59.68 on Friday. The business's fifty day simple moving average is $54.89 and its 200-day simple moving average is $47.79. Pegasystems Inc. has a 52 week low of $29.84 and a 52 week high of $60.96. The firm has a market cap of $10.21 billion, a PE ratio of 51.23 and a beta of 1.08.

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Pegasystems (NASDAQ:PEGA - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The technology company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.04. Pegasystems had a net margin of 13.14% and a return on equity of 42.42%. The firm had revenue of $384.51 million for the quarter, compared to the consensus estimate of $345.07 million. During the same period in the prior year, the firm earned $0.26 EPS. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities analysts expect that Pegasystems Inc. will post 1.89 earnings per share for the current year.

Pegasystems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, October 1st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.2%. Pegasystems's dividend payout ratio (DPR) is 10.34%.

Insider Buying and Selling at Pegasystems

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In other news, CFO Kenneth Stillwell sold 11,147 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $58.19, for a total transaction of $648,643.93. Following the completion of the sale, the chief financial officer owned 119,868 shares in the company, valued at approximately $6,975,118.92. This represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Alan Trefler sold 45,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.49, for a total value of $2,587,050.00. Following the sale, the chairman directly owned 32,961,692 shares of the company's stock, valued at approximately $1,894,967,673.08. This represents a 0.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,607 shares of company stock valued at $10,255,134. Company insiders own 49.70% of the company's stock.

Wall Street Analysts Forecast Growth

PEGA has been the topic of a number of research reports. DA Davidson raised their target price on shares of Pegasystems from $50.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Loop Capital upped their target price on Pegasystems from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $60.00 price target on shares of Pegasystems in a report on Tuesday, June 3rd. Wall Street Zen lowered shares of Pegasystems from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 17th. Finally, Rosenblatt Securities boosted their target price on Pegasystems from $56.00 to $59.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $61.83.

Check Out Our Latest Analysis on PEGA

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.

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