What happened
Shares of Pegasystems (PEGA 5.07%) gained 13.8% in March, according to data from S&P Global Market Intelligence. The stock climbed as the broader market continued to recover from coronavirus-related sell-offs, and it may have also gotten a boost from new service offerings detailed in the month.
Image source: YCharts.
Pegasystems was named as a "visionary" in Gartner's Magic Quadrant review of multichannel marketing hubs in May, and the enterprise software company also debuted new service offerings. The stock has bounced back from the sell-offs that rocked the broader market in March, and its price is now off just 4.5% from its lifetime high of $103 per share that it hit in February.
Image source: Getty Images.
So what
Pegasystems published a press release on May 5 announcing the launch of Pega Customer Service Unified Messaging Edition, a cloud-based customer service application for responding to customer interactions across multiple messaging channels. The company then published a press release detailing the launch of Pega Academy on May 26, a tutorial designed to help users quickly improve competencies with Pega software.
Now what
Pegasystems has continued to climb early in June's trading. Shares are up roughly 3.6% in the month so far.
Image source: YCharts.
The company doesn't usually break out quarterly guidance or update full-year targets throughout the year, but management noted that the business wasn't seeing any significant coronavirus-related impact on its performance despite significant uncertainty on the horizon. Pegasystems is seeing tailwinds stemming from automation and digital transformation trends, and it expects substantial business and spending scaling from companies already on board with its platform.
Pegasystems has a market capitalization of roughly $7.9 billion and is valued at roughly 7.4 times the average analyst target for this year's sales.
