Arrowstreet Capital Limited Partnership Acquires New Position in PagerDuty, Inc. (NYSE:PD)

Arrowstreet Capital Limited Partnership bought a new position in PagerDuty, Inc. (NYSE:PD) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,394 shares of the company’s stock, valued at approximately $263,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of PagerDuty during the third quarter valued at $278,000. Barclays PLC boosted its holdings in shares of PagerDuty by 24.2% during the 3rd quarter. Barclays PLC now owns 901,120 shares of the company’s stock valued at $16,716,000 after acquiring an additional 175,733 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of PagerDuty by 1.8% in the third quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company’s stock worth $39,915,000 after acquiring an additional 37,147 shares during the period. Franklin Resources Inc. raised its holdings in shares of PagerDuty by 5.4% during the third quarter. Franklin Resources Inc. now owns 32,915 shares of the company’s stock valued at $614,000 after purchasing an additional 1,701 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in PagerDuty by 285.8% during the third quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock valued at $23,444,000 after purchasing an additional 936,257 shares during the period. Institutional investors own 97.26% of the company’s stock.

PagerDuty Stock Performance

Shares of NYSE PD opened at $15.47 on Monday. The stock has a market cap of $1.41 billion, a PE ratio of -19.34 and a beta of 1.06. PagerDuty, Inc. has a 1 year low of $14.40 and a 1 year high of $23.12. The firm has a fifty day moving average price of $17.83 and a 200-day moving average price of $18.57. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The business had revenue of $121.45 million during the quarter, compared to analyst estimates of $119.53 million. During the same quarter in the prior year, the business posted $0.17 EPS. PagerDuty’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities analysts anticipate that PagerDuty, Inc. will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its Board of Directors has initiated a stock buyback program on Thursday, March 13th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada decreased their target price on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, March 14th. Canaccord Genuity Group reduced their price objective on PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $23.00 to $18.00 in a research report on Thursday, January 30th. Truist Financial reduced their price target on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Finally, The Goldman Sachs Group lowered their price objective on shares of PagerDuty from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, PagerDuty currently has a consensus rating of “Hold” and a consensus price target of $20.73.

Insider Activity at PagerDuty

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of PagerDuty stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total value of $31,380.00. Following the sale, the chief executive officer now directly owns 868,311 shares in the company, valued at approximately $17,366,220. The trade was a 0.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 7.60% of the stock is owned by corporate insiders.

PagerDuty Company Profile

PagerDuty, Inc engages in the operation of a digital operations management platform in the United States and internationally. The company’s digital operations management platform collects data and digital signals from virtually any software-enabled system or device and leverage machine learning to correlate, process, and predict opportunities and issues.