These 5 Stocks Are Getting Crushed Today

4. Pegasystems Inc. (NASDAQ:PEGA) is 3.42% in the red as of 11:44 AM ET after the stock of the Cambridge, Massachusetts-based software company was downgraded from a Buy to a Hold rating by Joe Meares at Truist. The analyst also revised the price target on Pegasystems Inc. (NASDAQ:PEGA) from $110 to $60, reflecting a potential upside of 14.8% from the last closing price. The analyst highlighted that in the low-code and automation space, Pegasystems Inc. (NASDAQ:PEGA) is a solid company, but it will face an overhang due to the $2.04 billion damages ruling disclosed on Tuesday. The lawsuit decision could also harm the future growth of Pegasystems Inc. (NASDAQ:PEGA).

Overall, Pegasystems Inc. (NASDAQ:PEGA) was in the portfolio of 23 hedge funds as of Q4 2021.