Renaissance Technologies LLC Sells 528,900 Shares of PagerDuty $PD

Key Points

• Renaissance Technologies cut its PagerDuty stake by 40.4%, selling 528,900 shares and retaining 778,838 shares valued at approximately $4.84 million. Institutional investors collectively own 97.26% of the company.
• Analyst sentiment is mixed, with three Buy, five Hold, and three Sell ratings; the overall consensus is Hold with an $11.50 price target.
• PagerDuty beat quarterly earnings and revenue estimates, while its board authorized a $100 million share buyback, allowing repurchases of up to 16.4% of outstanding shares.

Renaissance Technologies LLC trimmed its stake in PagerDuty (NYSE:PD - Free Report) by 40.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 778,838 shares of the company's stock after selling 528,900 shares during the period. Renaissance Technologies LLC owned about 0.92% of PagerDuty worth $4,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Ameriprise Financial Inc. raised its stake in shares of PagerDuty by 333.2% during the third quarter. Ameriprise Financial Inc. now owns 1,450,429 shares of the company's stock valued at $23,961,000 after acquiring an additional 1,115,577 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in PagerDuty in the first quarter worth approximately $6,074,000. Alyeska Investment Group L.P. purchased a new position in PagerDuty during the 3rd quarter worth $13,710,000. Danske Bank A S purchased a new position in PagerDuty during the 3rd quarter worth $13,271,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in PagerDuty during the 4th quarter valued at $9,910,000. 97.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PD shares. Weiss Ratings upgraded PagerDuty from a "sell (d)" rating to a "sell (d+)" rating in a report on Monday, July 13th. Royal Bank Of Canada raised their price target on PagerDuty from $8.00 to $9.00 and gave the company a "sector perform" rating in a research note on Friday, May 29th. Canaccord Genuity Group lifted their price objective on PagerDuty from $9.00 to $10.00 and gave the company a "buy" rating in a report on Friday, May 29th. Morgan Stanley lowered shares of PagerDuty from an "equal weight" rating to an "underweight" rating and lowered their price objective for the stock from $10.00 to $9.00 in a research note on Tuesday, July 21st. Finally, Wall Street Zen cut shares of PagerDuty from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.50.

PagerDuty Stock Down 0.9%

Shares of NYSE PD opened at $11.12 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $857.73 million, a PE ratio of 5.45, a price-to-earnings-growth ratio of 2.88 and a beta of 0.93. The stock's fifty day simple moving average is $9.73 and its two-hundred day simple moving average is $8.21. PagerDuty has a 12-month low of $5.70 and a 12-month high of $17.29.

PagerDuty (NYSE:PD - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.24 by $0.08. The firm had revenue of $120.97 million during the quarter, compared to analyst estimates of $119.52 million. PagerDuty had a return on equity of 18.20% and a net margin of 38.60%.The business's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 EPS. PagerDuty has set its Q2 2027 guidance at 0.290-0.310 EPS. As a group, analysts expect that PagerDuty will post 0.58 EPS for the current fiscal year.

PagerDuty announced that its board has approved a stock buyback plan on Thursday, May 28th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 16.4% of its shares through open market purchases. Shares buyback plans are typically an indication 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. Its platform includes PagerDuty Incident Management that provides a real-time view across the status of a digital service while incorporating noise reduction to remove false positives; AIOps that applies machine learning to correlate and automate the identification of incidents from billions of events; Process Automation offers centralized design time and run time environment for orchestrating automated workflows that span across departments, technologies, and networks; Customer Service Operations, which is offered to orchestrate, automate, and scale responses to customer impacting issues.

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