Pegasystems Inc. (PEGA) just doubled analysts’ expectations and shares have more than doubled since its appearance as a Zacks Rank Buy earlier this year.

Doubled Expectations

In its latest earnings report the customer relationship management software company more than doubled the consensus estimate. On May 4 Pega said it generated $62 million in revenue for the first quarter, which is a company record. This is the seventh consecutive quarter the company has set revenue records.

Net income came in at $8.6 million, about 3 times higher than the same quarter last year. This yielded 23 cents per share, well above the 11 cents that Wall Street was expecting. This was the third surprise in the past 4 quarters.

Triple-Digit Growth

The consensus for full-year 2009 is now 64 cents, up 16 cents since the report. Forecasts for next year are averaging 83 cents, up 17 cents. These projections would mean an earnings growth rate of 122% this year and another 29% in 2010.

The Chart

Since originally being featured as a Zacks Rank Buy in January, share of PEGA have more than doubled.

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