Geode Capital Management LLC Sells 53,560 Shares of PagerDuty, Inc. (NYSE:PD)

Geode Capital Management LLC decreased its holdings in shares of PagerDuty, Inc. (NYSE:PD) by 2.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,097,754 shares of the company’s stock after selling 53,560 shares during the quarter. Geode Capital Management LLC owned 2.33% of PagerDuty worth $38,315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Venturi Wealth Management LLC bought a new position in PagerDuty in the 4th quarter valued at $43,000. Picton Mahoney Asset Management bought a new position in PagerDuty in the fourth quarter worth approximately $58,000. Vinva Investment Management Ltd purchased a new position in PagerDuty during the 4th quarter worth $139,000. PNC Financial Services Group Inc. lifted its holdings in shares of PagerDuty by 24.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,061 shares of the company’s stock worth $184,000 after buying an additional 1,965 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in shares of PagerDuty by 35.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 13,631 shares of the company’s stock worth $249,000 after buying an additional 3,533 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Jennifer Tejada sold 1,569 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the transaction, the chief executive officer now owns 868,311 shares in the company, valued at $17,366,220. This trade represents a 0.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 7.60% of the stock is currently owned by insiders.

PagerDuty Trading Down 0.4 %

Shares of NYSE:PD opened at $15.45 on Wednesday. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 3.52. PagerDuty, Inc. has a 52-week low of $14.40 and a 52-week high of $23.12. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of -19.31 and a beta of 1.06. The business has a 50-day moving average price of $17.68 and a 200-day moving average price of $18.52.

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

PagerDuty announced that its board 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PD shares. Canaccord Genuity Group decreased their price objective on PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a report on Friday, March 14th. The Goldman Sachs Group reduced their price target on shares of PagerDuty from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and cut their price objective for the company from $23.00 to $18.00 in a report on Thursday, January 30th. Truist Financial lowered their target price on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a report on Friday, March 14th. Finally, Royal Bank of Canada cut their price target on PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a report 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.73.

About PagerDuty

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.