ARK Investment Management LLC Acquires 174,501 Shares of 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 lifted its stake in PagerDuty (NYSE:PD - Free Report) by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,170,848 shares of the company's stock after purchasing an additional 174,501 shares during the period. PagerDuty accounts for approximately 1.7% of ARK Investment Management LLC's holdings, making the stock its 18th largest holding. ARK Investment Management LLC owned about 10.07% of PagerDuty worth $167,551,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in PagerDuty by 1.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company's stock valued at $930,000 after purchasing an additional 586 shares during the period. Alliancebernstein L.P. boosted its position in shares of PagerDuty by 0.7% during the fourth quarter. Alliancebernstein L.P. now owns 92,621 shares of the company's stock worth $1,691,000 after purchasing an additional 674 shares in the last quarter. KBC Group NV acquired a new position in shares of PagerDuty in the 1st quarter valued at $33,000. Cetera Investment Advisers grew its holdings in shares of PagerDuty by 22.5% in the 1st quarter. Cetera Investment Advisers now owns 15,946 shares of the company's stock valued at $291,000 after buying an additional 2,928 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of PagerDuty by 22.6% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 16,800 shares of the company's stock valued at $307,000 after buying an additional 3,100 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PD has been the topic of several research analyst reports. Canaccord Genuity Group dropped their price objective on PagerDuty from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. TD Securities lowered their price target on PagerDuty from $19.00 to $18.00 and set a "hold" rating for the company in a report on Wednesday, May 21st. Truist Financial cut their price objective on PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Royal Bank Of Canada decreased their price objective on PagerDuty from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, Morgan Stanley lowered their target price on PagerDuty from $20.00 to $17.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $19.50.

PagerDuty Stock Up 7.1%

Shares of PagerDuty stock opened at $15.76 on Friday. The firm has a market cap of $1.44 billion, a PE ratio of -39.39, a P/E/G ratio of 8.82 and a beta of 0.89. The business's 50 day simple moving average is $15.23 and its 200 day simple moving average is $16.65. The company has a debt-to-equity ratio of 2.70, a quick ratio of 2.02 and a current ratio of 2.02. PagerDuty has a 52-week low of $13.69 and a 52-week high of $22.02.

PagerDuty (NYSE:PD - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The company reported $0.24 earnings per share 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 analysts' expectations of $118.98 million. PagerDuty had a negative net margin of 7.75% and a negative return on equity of 8.73%. The business's quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the business earned $0.17 EPS. On average, analysts predict that PagerDuty will post -0.27 earnings per share for the current fiscal year.

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.

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