Rifat Kerim Akgonul, Pegasystems Inc's (NASDAQ:PEGA) Chief Product Officer, executed a sale of 7,594 shares of the company's common stock on March 16, 2026, according to a Form 4 filing with the Securities and Exchange Commission. The shares were sold at $43.39 each, producing gross proceeds of $329,503. At the time of reporting, Pegasystems shares were trading at $42.47, down 27% year-to-date.
The same Form 4 discloses that Akgonul exercised stock options to acquire 30,000 shares of Pegasystems common stock at an exercise price of $23.64, for a total exercise value of $709,200. In connection with the option exercise, 22,406 shares were withheld to cover taxes at a withholding price of $43.36. The filing lists the resulting combined value from these transactions as $971,524.
After completing the option exercise and the sale, Akgonul's direct ownership in Pegasystems stands at 111,429 shares.
Valuation notes and recent operational results
Investment analysis referenced in the filing materials classifies Pegasystems among companies on the Most Undervalued list. The evaluation highlights a Piotroski Score of 9, gross profit margins of 76%, and a price-to-earnings ratio of 20.12. A more detailed Pro Research Report covering Pegasystems and over 1,400 other U.S. equities is noted as available for those seeking deeper metrics.
Pegasystems also released fourth-quarter 2025 financial results that exceeded Wall Street expectations: adjusted earnings per share came in at $0.76, versus the $0.73 consensus estimate, and revenue reached $504.32 million compared with the $492.92 million forecast. The company announced a quarterly cash dividend of $0.03 per share, maintaining its existing dividend program.
Analyst reactions to the results and outlook were mixed. Barclays upgraded the stock to Overweight and established a $48.00 price target, citing Pegasystems' strong position in complex business process software. In contrast, DA Davidson trimmed its target to $60.00 from $85.00 while acknowledging the company's robust fourth-quarter performance and sustainable Cloud ACV growth. Citizens lowered its price target to $58.00 from $78.00 following what it characterized as a mixed earnings report.
Contextual summary
The filings show an insider both exercising options and selling a portion of shares in a relatively short period. Simultaneously, the company reported better-than-expected quarterly results and continued to pay a modest cash dividend, while analysts adjusted ratings and price targets in differing directions.