Leon Trefler, the Chief of Clients and Markets at Pegasystems Inc . (NASDAQ:PEGA), recently sold 752 shares of the company's common stock, generating a total of $71,139. The shares were sold at a price of $94.60 each. This transaction was conducted as part of a pre-arranged trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934. The sale comes as PEGA trades near its 52-week high of $97, with the stock showing remarkable strength, having gained over 93% year-to-date according to InvestingPro data.
In addition to the sale, Trefler also acquired 588 shares through the vesting of restricted stock units, which were granted earlier. These shares were acquired at no cost, as part of a scheduled vesting process. Trefler also tendered 232 shares to satisfy tax withholding obligations, which were valued at $94.97 per share.
Following these transactions, Trefler's direct ownership stands at 37,356 shares of Pegasystems' common stock.
In other recent news, Pegasystems Inc. reported strong growth in the third quarter of 2024. Notable highlights include a 14% increase in Annual Contract Value (ACV) and a 26% growth in Pega Cloud. The company also demonstrated a robust financial performance with $250 million in cash flow from operations and $246 million in free cash flow. Furthermore, Pegasystems repurchased $12 million in shares in Q3, with another $250 million authorized for repurchase.
Following these developments, DA Davidson raised its stock price target for Pegasystems to $80, maintaining a neutral rating. The firm cited Pegasystems' efficient operations and disciplined expenses, driven by the implementation of the strategic initiative, Blueprint. Additionally, Loop Capital increased its price target on Pegasystems to $90, reiterating a buy rating. This adjustment was based on the company's impressive third-quarter results and the growing interest in Pegasystems' GenAI Blueprint solution.
Despite acknowledging challenges for the upcoming fourth quarter, Pegasystems remains optimistic about its year-end performance. The company's strategic focus on AI and workflow processes and strengthening partnerships with AWS and Google (NASDAQ:GOOGL) Cloud are expected to drive further growth. These recent developments indicate Pegasystems' commitment to enhancing its operations and financial performance.
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