2023-05-08 15:10:24 ET
- Pegasystems ( NASDAQ: PEGA ) shares rose nearly 3.5% on Monday as investment firm Rosenblatt Securities started coverage on the New York City-based software company, citing its "powerful" platform.
- Analyst Blair Abernethy initiated Pegasystems ( PEGA ) shares with a buy rating and a per-share price target of $56, pointing out that its platform lets customers build "highly scalable," low-code software. It also uses artificial intelligence for decision making and workflow automation, allowing customers to focus on engagement and customer service.
- In addition, Abernethy noted that Pegasystems ( PEGA ) shares trade at "an undue discount" after the company's issues with Appian ( TEAM ), which stemmed from a 2020 complaint that it spied on its competitor. In February, Pegasystems said the $2B settlement against it should be reversed.
- Last month, Pegasystems ( PEGA ) reported first-quarter results that widely missed Wall Street estimates.
- Analysts are largely bullish on Pegasysytems ( PEGA ). It has a BUY rating from Seeking Alpha authors , while Wall Street analysts rate it a HOLD . Conversely, Seeking Alpha's quant system, which consistently beats the market, rates PEGA a HOLD .
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Pegasystems pops as Rosenblatt says it trades at 'undue discount'