Balyasny Asset Management L.P. Boosts Holdings in PagerDuty, Inc. (NYSE:PD)

Balyasny Asset Management L.P. grew its stake in PagerDuty, Inc. (NYSE:PD - Free Report) by 162.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,430 shares of the company's stock after purchasing an additional 49,182 shares during the period. Balyasny Asset Management L.P. owned about 0.09% of PagerDuty worth $1,450,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Venturi Wealth Management LLC acquired a new position in shares of PagerDuty in the 4th quarter worth approximately $43,000. Picton Mahoney Asset Management bought a new stake in PagerDuty during the 4th quarter valued at $58,000. Vinva Investment Management Ltd bought a new stake in PagerDuty during the 4th quarter valued at $139,000. PNC Financial Services Group Inc. grew its stake 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 acquiring an additional 1,965 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake 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 acquiring an additional 2,500 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PD has been the topic of a number of research analyst reports. Royal Bank of Canada cut their price target on shares of PagerDuty from $24.00 to $22.00 and set an "outperform" rating on the stock in a report on Friday, March 14th. Morgan Stanley decreased their price target on PagerDuty from $20.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. The Goldman Sachs Group decreased their price target on PagerDuty from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. Truist Financial decreased their price objective on shares of PagerDuty from $30.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Finally, Canaccord Genuity Group reduced their price target on shares of PagerDuty from $24.00 to $23.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $20.55.

PagerDuty Stock Up 0.5%

PagerDuty stock traded up $0.09 on Friday, hitting $16.87. 890,037 shares of the stock traded hands, compared to its average volume of 1,085,796. 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 firm has a market cap of $1.54 billion, a P/E ratio of -21.09 and a beta of 0.99. The business's fifty day simple moving average is $16.51 and its 200 day simple moving average is $18.11. PagerDuty, Inc. has a 1 year low of $14.30 and a 1 year high of $23.12.

PagerDuty (NYSE:PD - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $121.45 million during the quarter, compared to the consensus estimate of $119.53 million. During the same period last year, the company earned $0.17 earnings per share. The company's revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts forecast that PagerDuty, Inc. will post -0.27 earnings per share for the current year.

PagerDuty declared that its Board of Directors has initiated a stock repurchase 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 usually a sign that the company's board 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.