Pegasystems Inc. (PEGA) saw its shares plummet 5.15% during intraday trading on Thursday, as the stock came under significant selling pressure.

The decline followed news that RBC Capital Markets lowered its price target on Pegasystems to $60 from $65, while maintaining an Outperform rating on the shares. Analyst target price reductions often signal tempered expectations for a company's future financial performance and can trigger negative investor sentiment.

Other analysts also issued research on Pegasystems around the same time, with Wedbush maintaining a Buy rating and a $60 price target. The market's reaction suggests investors were particularly focused on the downward revision from RBC.