Wedbush reiterated an Outperform rating on Pegasystems (NASDAQ: PEGA), and raised the price target to $33.00 (from $30.00), following the company's 4Q earnings report. Strong licenses and cloud revenues drove PEGA's 4Q non-GAAP revenue to $204M, above consensus of $192M. Non-GAAP EPS was $0.37, above consensus of $0.35.

Analyst Steve Koenig commented, "PEGA reported 4Q15 non-GAAP revenue of $204M (+21% Y/Y), above consensus of $192M and our estimate of $195M, on strong licenses and cloud revenues. License and cloud bookings grew an impressive 28% Y/Y, especially considering the strong YTD bookings (+40% Y/Y) leading into 4Q. The company closed one $10M+ deal in the quarter, and had good activity in the sub-$10M range. Europe rebounded from relatively weak YTD results up to 3Q, accompanied by improvement in professional services utilization and margins. Non-GAAP EPS was $0.37 (+12% Y/Y), above our estimate of $0.34 and consensus of $0.35."

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Shares of Pegasystems closed at $24.85 yesterday.