Pegasystems (PEGA) has joined the list of official Ryder Cup sponsors and suppliers. The Ryder Cup is a men’s golf competition between teams from Europe and the United States. Pegasystems is a business software provider helping businesses with process management and automation.
The Ryder Cup is held every two years, with event venues alternating between the U.S. and Europe. Pegasystems will sponsor the 43rd and 44th editions of the Ryder Cup and become the competition’s global supplier. Its participation will start with the tournament planned for September 21 – 26 in Wisconsin. It will also sponsor the competition scheduled for September 29 – October 1, 2023, in Rome, Italy.
Pegasystems hopes the partnership will enhance the experience that teams and spectators have come to expect from the competition.
“Given the prestige and excitement around the Ryder Cup, it is a natural fit for Pega to sponsor, as we continue to grow our business and help the world’s leading organizations achieve breakthrough outcomes,” commented Pegasystems’ head of client engagement Hayden Stafford.
By coming together, Pegasystems and the Ryder Cup aim to highlight the importance of problem-solving through competition. Their media partners will produce online content to highlight the value of partnerships. Pegasystems plans to use the Ryder Cup sponsorship to boost its brand awareness. (See Pegasystems stock analysis on TipRanks)
After Pegasystems reported strong first-quarter results, Needham analyst Jack Andrews reiterated a Buy rating on the stock and raised the price target from $169 to $180. The new price target implies 52.54% upside potential.
“We believe PEGA is uniquely levered to multiple digital transformation initiatives, and its ability to deliver a fast ROI should position the company for a period of strong secular growth,” noted Andrews.
Consensus among analysts on Wall Street is a Strong Buy based on 3 Buy ratings. The average analyst price target of $169 implies 43.22% upside potential to the current price.
According to TipRanks’ Hedge Fund Trading Activity tool, confidence in PEGA is currently Very Positive. In the last quarter, hedge funds collectively purchased an additional 361,200 shares of the stock.
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