Kenneth Stillwell, the Chief Operating Officer and Chief Financial Officer of Pegasystems Inc . (NASDAQ:PEGA), has sold 2,000 shares of the company's common stock. The shares were sold at a price of $94.60 each, amounting to a total transaction value of $189,200. This sale was executed under a pre-arranged trading plan, as disclosed in a recent SEC filing. The transaction comes as PEGA trades near its 52-week high of $97, having delivered an impressive 93% return year-to-date. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions.
In addition to the sale, Stillwell acquired 1,175 shares and 576 shares through the vesting of restricted stock units, which were part of a previously awarded grant. These acquisitions were executed at no cost as part of his compensation package. Following these transactions, Stillwell now holds 16,688 shares directly.
Furthermore, Stillwell tendered 463 and 227 shares to Pegasystems to satisfy tax withholding obligations, with these transactions valued at $94.97 per share.
In other recent news, Pegasystems Inc. showed substantial growth in its recent third-quarter results, with a 14% increase in Annual Contract Value (ACV) and a 26% growth in Pega Cloud. The company also reported a robust $250 million in cash flow from operations and $246 million in free cash flow. Following this strong performance, both DA Davidson and Loop Capital have adjusted their stock price targets for Pegasystems. DA Davidson raised its target to $80, maintaining a neutral rating, while Loop Capital increased its target to $90, reaffirming a buy rating.
These adjustments come after the software company's notable growth in its cloud business segment and the successful implementation of its strategic initiative, Blueprint. The alleviation of competitive pressures from Appian (NASDAQ:APPN) and a favorable appellate court ruling have also positively influenced Pegasystems' market position. Despite acknowledging challenges for the upcoming fourth quarter, the company remains optimistic about its year-end performance, bolstered by its focus on AI and workflow processes and strengthening partnerships with AWS and Google (NASDAQ:GOOGL) Cloud.
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