Pegasystems Inc . (NASDAQ:PEGA) has reported a significant stock transaction by one of its top executives. Rifat Kerim Akgonul, the company's Chief Product Officer, has sold a total of 2,000 shares, resulting in over $127,000 in proceeds. The sales were conducted at prices ranging from $63.08 to $64.14 per share.
The transactions took place on April 1, 2024, and were part of a pre-arranged trading plan adopted by Mr. Akgonul on November 9, 2023, under Rule 10b5-1. This rule allows company insiders to set up a trading plan for selling stocks they own, in compliance with insider trading laws. The sales are executed over a predetermined schedule and price range, providing a systematic approach to stock liquidation.
The first transaction involved the sale of 800 shares at an average price of $63.08, while the second transaction comprised 1,200 shares sold at an average price of $64.14. The exact number of shares sold at each price within the range has been provided to the company and will be made available to the Security and Exchange Commission staff or any shareholder upon request.
Following these transactions, Mr. Akgonul's remaining direct ownership in Pegasystems stands at 55,785 shares, excluding any unvested restricted stock units or option awards. It is also noted that the reported ownership does not include shares of common stock subject to unvested restricted stock units and/or options awards but includes shares acquired on March 31, 2024, through the company's stock purchase plan.
The filings with the SEC provide investors with transparent insights into the trading activities of the company's executives, ensuring that all market participants have access to the same information. Pegasystems, headquartered in Cambridge, Massachusetts, specializes in software for customer engagement and operational excellence.
InvestingPro Insights
Pegasystems Inc. (NASDAQ:PEGA) recently witnessed a notable insider transaction, with the Chief Product Officer divesting shares in the company. As investors consider the implications of this move, several metrics from InvestingPro provide a broader context for Pegasystems' current financial status and market performance.
InvestingPro Data indicates that Pegasystems has a market capitalization of approximately $5.21 billion and a Price to Earnings (P/E) ratio of 76.39, which adjusts to 74.61 when considering the last twelve months as of Q4 2023. This relatively high P/E ratio suggests that investors are expecting higher earnings growth in the future, which aligns with an InvestingPro Tip indicating that net income is expected to grow this year.
Another key metric is the company's revenue growth, which has increased by 8.71% over the last twelve months as of Q4 2023. This is complemented by a significant quarterly revenue growth of 19.61% in Q1 2023, pointing to a robust short-term financial performance.
One of the InvestingPro Tips highlights that Pegasystems is trading at a low P/E ratio relative to near-term earnings growth, which could signal an attractive investment opportunity for those who believe the company's growth prospects will materialize.
For investors interested in exploring more about Pegasystems' financial health and market potential, InvestingPro offers additional insights. Currently, there are 12 more InvestingPro Tips available for Pegasystems, which users can access to make more informed investment decisions. To gain access to these valuable tips, remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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