Nikko Asset Management Americas Inc. Sells 256,324 Shares of PagerDuty (NYSE:PD)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in PagerDuty by 7.6%, selling 256,324 shares, and now holds approximately 3.41% of the company, valued at about $56.8 million.
• PagerDuty's recent earnings report revealed $0.24 earnings per share, exceeding estimates, with total revenue of $119.81 million, a 7.8% increase year-over-year.
• Analysts have lowered their price targets for PagerDuty, with targets ranging from $17.00 to $21.00, reflecting a mix of holding and buy ratings amid varied market perceptions.

Nikko Asset Management Americas Inc. decreased its position in PagerDuty (NYSE:PD - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,108,241 shares of the company's stock after selling 256,324 shares during the quarter. Nikko Asset Management Americas Inc. owned about 3.41% of PagerDuty worth $56,788,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PD. Marshall Wace LLP lifted its holdings in PagerDuty by 989.0% in the 4th quarter. Marshall Wace LLP now owns 721,953 shares of the company's stock worth $13,183,000 after purchasing an additional 655,655 shares during the last quarter. Two Sigma Investments LP lifted its holdings in PagerDuty by 1,222.8% in the 4th quarter. Two Sigma Investments LP now owns 431,252 shares of the company's stock worth $7,875,000 after purchasing an additional 398,650 shares during the last quarter. Two Sigma Advisers LP bought a new stake in PagerDuty during the 4th quarter valued at approximately $6,734,000. Raymond James Financial Inc. acquired a new stake in PagerDuty in the 4th quarter valued at approximately $6,574,000. Finally, Scalar Gauge Management LLC acquired a new stake in PagerDuty in the 4th quarter valued at approximately $5,993,000. Institutional investors own 97.26% of the company's stock.

PagerDuty Price Performance

PagerDuty stock traded up $0.07 during trading hours on Wednesday, hitting $16.48. 451,168 shares of the stock were exchanged, compared to its average volume of 1,333,883. The stock has a market capitalization of $1.50 billion, a P/E ratio of -41.25, a P/E/G ratio of 10.10 and a beta of 0.89. The business's 50-day moving average is $15.25 and its two-hundred day moving average is $16.62. 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 12 month low of $13.69 and a 12 month high of $21.98.

PagerDuty (NYSE:PD - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.05. PagerDuty had a negative return on equity of 8.73% and a negative net margin of 7.75%. The business had revenue of $119.81 million for the quarter, compared to analyst estimates of $118.98 million. During the same period in the prior year, the company earned $0.17 EPS. PagerDuty's revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts expect that PagerDuty will post -0.27 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PD shares. TD Securities cut 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. Morgan Stanley cut their price target on PagerDuty from $20.00 to $17.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Canaccord Genuity Group cut their price target on PagerDuty from $23.00 to $21.00 and set a "buy" rating for the company in a report on Monday, June 2nd. Truist Financial cut their price target on PagerDuty from $26.00 to $23.00 and set a "buy" rating for the company in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. cut their price target on PagerDuty from $21.00 to $18.00 and set an "underweight" rating for the company in a report on Friday, May 30th. 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. According to data from MarketBeat, PagerDuty presently has a consensus rating of "Hold" and an average target price 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.