Pegasystems (PEGA) Hits New High, up 14% on Impressive Earnings

We recently published 10 Stocks With Eye-Popping Double-Digit Gains. Pegasystems Inc. (NASDAQ:PEGA) is one of the biggest performers on Wednesday.

Pegasystems closed higher on Wednesday to hit a new all-time high as investors cheered its impressive earnings performance in the second quarter of the year.

At intra-day trading, Pegasystems Inc. (NASDAQ:PEGA) jumped to as high as $58.04 before paring gains to end the day just up at $58.01.

In the second quarter, the company achieved a 355 percent expansion in net income at $30 million from only $6.6 million in the same period last year, while revenues jumped by 9 percent to $384 million from $351 million year-on-year.

Pegasystems Inc. (NASDAQ:PEGA) founder and CEO Alan Trefler attributed the growth to the company’s AI approach, saying that its Predictable AI approach “gives enterprises both the innovation they crave and the operational consistency they require.”

Following the announcement, investment firm Barclays raised its price target for Pegasystems Inc. (NASDAQ:PEGA) to $58 from $50 previously, while maintaining an “equal weight” rating for its stock.

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