Leon Trefler, the Chief of Clients and Markets at Pegasystems Inc . (NASDAQ:PEGA), recently sold 752 shares of the company's common stock. The shares were sold at a price of $93.83 each, totaling approximately $70,560. The transaction comes as PEGA trades near its 52-week high of $97.94, having delivered an impressive 108% return over the past year. This transaction was conducted under a pre-arranged trading plan in accordance with Rule 10b5-1. Following the sale, Trefler retains ownership of 37,973 shares. Notably, this figure excludes any shares tied to unvested restricted stock units or options awards. According to InvestingPro, PEGA has shown strong momentum with the stock currently trading at $94.50, representing a significant recovery from its 52-week low of $44.07. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access the detailed Pro Research Report available for PEGA.
In other recent news, Pegasystems has reported impressive growth in the third quarter of 2024, showcasing a 14% increase in Annual Contract Value (ACV) and a 26% growth in Pega Cloud. The company's strong cash flow, with $250 million from operations and $246 million in free cash flow, has been highlighted by financial firms Loop Capital and DA Davidson. Pegasystems also repurchased $12 million in shares in Q3, with an additional $250 million authorized for repurchase.
Both Loop Capital and DA Davidson have adjusted their stock price targets for Pegasystems based on these developments. Loop Capital has raised its target to $90 from $84, maintaining a Buy rating, while DA Davidson set a new target of $80, up from $70, maintaining a Neutral rating. These adjustments are based on Pegasystems' robust third-quarter performance and the company's strategic initiatives.
These recent developments also include a favorable appellate court ruling and growing interest in Pegasystems' GenAI Blueprint solution. The company's partnerships with AWS and Google (NASDAQ:GOOGL) Cloud are also expected to drive further growth. Despite acknowledging challenges for the upcoming fourth quarter, Pegasystems remains optimistic about its year-end performance.
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