Nikko Asset Management Americas Inc. Sells 374,238 Shares of PagerDuty, Inc. (NYSE:PD)

Nikko Asset Management Americas Inc. reduced its stake in PagerDuty, Inc. (NYSE:PD) by 10.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,364,565 shares of the company’s stock after selling 374,238 shares during the period. Nikko Asset Management Americas Inc. owned about 3.73% of PagerDuty worth $61,437,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Globeflex Capital L P acquired a new stake in PagerDuty during the 4th quarter worth approximately $496,000. Picton Mahoney Asset Management acquired a new position in shares of PagerDuty in the 4th quarter worth approximately $58,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of PagerDuty by 22.3% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 13,700 shares of the company’s stock worth $247,000 after purchasing an additional 2,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of PagerDuty by 18.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 579,305 shares of the company’s stock worth $10,578,000 after purchasing an additional 89,400 shares during the period. Finally, AlphaQuest LLC lifted its position in shares of PagerDuty by 140.6% in the 4th quarter. AlphaQuest LLC now owns 109,642 shares of the company’s stock worth $2,002,000 after purchasing an additional 64,068 shares during the period. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at PagerDuty

In other news, insider Shelley Webb sold 7,879 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $18.19, for a total transaction of $143,319.01. Following the sale, the insider now directly owns 199,122 shares in the company, valued at $3,622,029.18. This represents a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jennifer Tejada sold 1,569 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 868,311 shares in the company, valued at approximately $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,048 shares of company stock valued at $186,699 over the last three months. 7.60% of the stock is currently owned by insiders.

PagerDuty Price Performance

Shares of NYSE:PD opened at $18.41 on Monday. The company’s 50-day moving average is $18.24 and its 200 day moving average is $18.67. The company has a debt-to-equity ratio of 3.52, a quick ratio of 1.97 and a current ratio of 1.97. The company has a market capitalization of $1.66 billion, a P/E ratio of -23.01 and a beta of 1.12. PagerDuty, Inc. has a fifty-two week low of $15.49 and a fifty-two week high of $23.85.

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

PagerDuty declared that its board has authorized a stock buyback program on Thursday, March 13th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PD shares. The Goldman Sachs Group dropped their price target on shares of PagerDuty from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday. Truist Financial decreased their price target on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $21.00 target price on shares of PagerDuty in a research note on Wednesday, December 11th. Canaccord Genuity Group reduced their target price on shares of PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Friday. Finally, Royal Bank of Canada reduced 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.