The miss wasn't that bad and was already priced in by evidence of the price drop over the past month.
And don't forget that even with this miss, revenue is still up over last year's Q2.
PEGA is still in land grab mode and is working to be a $1 billion annual revenue company. Look to the added personnel for India business for evidence of this. Earnings don't mean anything at this point, only revenue growth is important. The company is on track to almost double their annual revenue in the past 3 years. If the market perceives any sustainable top line slowing, the stock will get dumped. "Sustainable" being the key word, which hasn't happened yet.