Clearbridge Investments LLC Sells 364,180 Shares of PagerDuty, Inc. (NYSE:PD)

Clearbridge Investments LLC cut its position in PagerDuty, Inc. (NYSE:PD) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,857,679 shares of the company’s stock after selling 364,180 shares during the period. Clearbridge Investments LLC owned 3.17% of PagerDuty worth $52,181,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Geode Capital Management LLC grew its position in PagerDuty by 1.8% during the 3rd 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 last quarter. JPMorgan Chase & Co. grew its holdings in shares of PagerDuty by 285.8% during the third quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock worth $23,444,000 after purchasing an additional 936,257 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of PagerDuty by 12.4% in the fourth quarter. Bank of New York Mellon Corp now owns 905,337 shares of the company’s stock valued at $16,531,000 after buying an additional 100,207 shares in the last quarter. Barclays PLC raised its holdings in shares of PagerDuty by 24.2% in the third quarter. Barclays PLC now owns 901,120 shares of the company’s stock valued at $16,716,000 after buying an additional 175,733 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in PagerDuty by 7.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 824,250 shares of the company’s stock worth $15,051,000 after buying an additional 55,233 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PD. Bank of America cut shares of PagerDuty from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $23.00 to $18.00 in a research report on Thursday, January 30th. The Goldman Sachs Group lowered 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. Truist Financial reduced their price objective on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Canaccord Genuity Group lowered their target price on PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $21.00 price target on shares of PagerDuty in a research note on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $20.73.

PagerDuty Price Performance

Shares of PD opened at $18.31 on Tuesday. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. The stock has a market cap of $1.67 billion, a P/E ratio of -22.88 and a beta of 1.12. The stock’s 50-day moving average price is $18.44 and its two-hundred day moving average price is $18.71. PagerDuty, Inc. has a 1 year low of $15.49 and a 1 year high of $23.40.

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 analysts’ consensus estimates of $0.16 by $0.06. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The firm had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities analysts predict that PagerDuty, Inc. will post -0.27 earnings per share for the current year.

PagerDuty announced that its board has approved a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Jennifer Tejada sold 1,569 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the sale, the chief executive officer now owns 868,311 shares of the company’s stock, valued at $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Shelley Webb sold 7,879 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $18.19, for a total value of $143,319.01. Following the completion of the transaction, the insider now owns 199,122 shares of the company’s stock, valued at $3,622,029.18. This represents a 3.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,048 shares of company stock valued at $186,699. 7.60% of the stock is owned by company insiders.

PagerDuty 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.