Clearline Capital LP Trims Stock Position in PagerDuty $PD

Key Points

• Clearline Capital LP has reduced its holdings in PagerDuty by 46.8%, selling 37,293 shares and leaving it with 42,470 shares valued at $776,000.
• Institutional investors and hedge funds hold 97.26% of PagerDuty's shares, indicating strong institutional interest.
• Analysts have recently adjusted PagerDuty's price targets, with a consensus rating of "Hold" and an average price target of $18.70.

Clearline Capital LP trimmed its stake in PagerDuty (NYSE:PD - Free Report) by 46.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 42,470 shares of the company's stock after selling 37,293 shares during the period. Clearline Capital LP's holdings in PagerDuty were worth $776,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Headlands Technologies LLC grew its holdings in shares of PagerDuty by 2,235.6% in the first quarter. Headlands Technologies LLC now owns 1,378 shares of the company's stock valued at $25,000 after purchasing an additional 1,319 shares in the last quarter. KBC Group NV acquired a new position in shares of PagerDuty in the first quarter valued at approximately $33,000. Summit Securities Group LLC acquired a new position in shares of PagerDuty in the first quarter valued at approximately $33,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of PagerDuty in the fourth quarter valued at approximately $130,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of PagerDuty in the first quarter valued at approximately $229,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PD has been the subject of a number of research reports. Royal Bank Of Canada dropped their price objective on shares of PagerDuty from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Thursday, September 4th. Cowen upgraded shares of PagerDuty from a "hold" rating to a "buy" rating in a report on Monday, July 28th. Zacks Research upgraded shares of PagerDuty to a "hold" rating in a report on Friday, August 8th. JPMorgan Chase & Co. lowered their price target on shares of PagerDuty from $21.00 to $18.00 and set an "underweight" rating for the company in a report on Friday, May 30th. Finally, Wall Street Zen upgraded shares of PagerDuty from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 31st. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, PagerDuty has a consensus rating of "Hold" and an average price target of $18.70.

PagerDuty Stock Down 0.9%

NYSE PD traded down $0.15 on Friday, hitting $16.43. 2,335,539 shares of the stock were exchanged, compared to its average volume of 2,632,115. The company has a market cap of $1.53 billion, a PE ratio of -102.68, a PEG ratio of 13.44 and a beta of 0.88. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 2.18. PagerDuty has a fifty-two week low of $13.69 and a fifty-two week high of $21.98. The company has a 50-day moving average price of $15.86 and a 200-day moving average price of $16.05.

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.