ARK Investment Management LLC Increases Stake in PagerDuty (NYSE:PD)

Key Points

• ARK Investment Management LLC has increased its stake in PagerDuty (NYSE:PD) by 1.9%, acquiring an additional 174,501 shares, which now constitutes approximately 1.7% of its total holdings.
• Recent analyst reports have resulted in a range of price target adjustments for PagerDuty, with the consensus target now at $19.50, showing mixed sentiments among analysts.
• PagerDuty's latest financial report revealed an earnings per share of $0.24, surpassing estimates, while revenue increased by 7.8% year-over-year, indicating positive growth amidst a challenging financial environment.

ARK Investment Management LLC boosted its position in shares of PagerDuty (NYSE:PD - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,170,848 shares of the company's stock after acquiring an additional 174,501 shares during the period. PagerDuty accounts for 1.7% of ARK Investment Management LLC's investment portfolio, making the stock its 18th biggest holding. ARK Investment Management LLC owned approximately 10.07% of PagerDuty worth $167,551,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its holdings in PagerDuty by 4.0% in the 4th quarter. Northern Trust Corp now owns 907,074 shares of the company's stock valued at $16,563,000 after purchasing an additional 35,026 shares during the period. KLP Kapitalforvaltning AS acquired a new position in PagerDuty in the 4th quarter valued at approximately $352,000. Teacher Retirement System of Texas acquired a new position in PagerDuty in the 1st quarter valued at approximately $229,000. Scalar Gauge Management LLC bought a new stake in shares of PagerDuty in the 4th quarter valued at $5,993,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of PagerDuty by 0.9% in the 4th quarter. Nuveen Asset Management LLC now owns 622,940 shares of the company's stock valued at $11,375,000 after purchasing an additional 5,466 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

PagerDuty Price Performance

Shares of PD stock traded up $0.13 on Wednesday, reaching $16.54. The company's stock had a trading volume of 498,868 shares, compared to its average volume of 1,334,097. The stock's fifty day simple moving average is $15.25 and its 200-day simple moving average is $16.62. PagerDuty has a 1 year low of $13.69 and a 1 year high of $21.98. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 2.70. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -41.35, a price-to-earnings-growth ratio of 10.10 and a beta of 0.89.

PagerDuty (NYSE:PD - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The company had revenue of $119.81 million during the quarter, compared to analyst estimates of $118.98 million. PagerDuty had a negative net margin of 7.75% and a negative return on equity of 8.73%. PagerDuty's quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.17 earnings per share. Analysts forecast that PagerDuty will post -0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PD has been the topic of a number of recent research reports. TD Cowen raised shares of PagerDuty from a "hold" rating to a "buy" rating and set a $22.00 price objective on the stock in a research note on Monday. Canaccord Genuity Group dropped their target price on shares of PagerDuty from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. Truist Financial lowered their price target on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating for the company in a report on Friday, May 30th. JPMorgan Chase & Co. reduced their price objective on shares of PagerDuty from $21.00 to $18.00 and set an "underweight" rating on the stock in a research report on Friday, May 30th. Finally, Cowen raised PagerDuty from a "hold" rating to a "buy" rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, PagerDuty currently has an average rating of "Hold" and a consensus price target of $19.75.

PagerDuty Company 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.