Westerly Capital Management LLC Makes New Investment in PagerDuty, Inc. (NYSE:PD)

Westerly Capital Management LLC acquired a new stake in shares of PagerDuty, Inc. (NYSE:PD) in the 4th quarter, HoldingsChannel reports. The fund acquired 150,000 shares of the company’s stock, valued at approximately $2,739,000. PagerDuty comprises about 1.3% of Westerly Capital Management LLC’s holdings, making the stock its 24th biggest holding.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on PD shares. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $23.00 to $18.00 in a report on Thursday, January 30th. Royal Bank of Canada lowered their price objective on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a report on Friday, March 14th. The Goldman Sachs Group reduced their target price on PagerDuty from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, March 14th. Truist Financial lowered their target price on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Morgan Stanley reduced their price target on PagerDuty from $20.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Two 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 currently has an average rating of “Hold” and an average target price of $20.55.

PagerDuty Price Performance

PD opened at $15.73 on Wednesday. The firm has a market cap of $1.43 billion, a PE ratio of -19.66 and a beta of 1.06. The stock has a 50-day moving average price of $16.92 and a 200-day moving average price of $18.33. PagerDuty, Inc. has a 1 year low of $14.30 and a 1 year high of $23.12. 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 earnings results on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. During the same period in the previous year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. Sell-side analysts predict that PagerDuty, Inc. will post -0.27 earnings per share for the current fiscal year.

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

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.