JPMorgan Chase & Co. Sells 744,556 Shares of PagerDuty, Inc. (NYSE:PD)

JPMorgan Chase & Co. reduced its stake in shares of PagerDuty, Inc. (NYSE:PD - Free Report) by 58.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 519,285 shares of the company's stock after selling 744,556 shares during the quarter. JPMorgan Chase & Co. owned 0.58% of PagerDuty worth $9,482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in PagerDuty during the fourth quarter worth $6,574,000. Barclays PLC boosted its stake in shares of PagerDuty by 24.2% during the third quarter. Barclays PLC now owns 901,120 shares of the company's stock valued at $16,716,000 after acquiring an additional 175,733 shares during the last quarter. Bank of New York Mellon Corp increased its position in PagerDuty by 12.4% during the 4th quarter. Bank of New York Mellon Corp now owns 905,337 shares of the company's stock worth $16,531,000 after purchasing an additional 100,207 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of PagerDuty by 18.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 579,305 shares of the company's stock worth $10,578,000 after purchasing an additional 89,400 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in shares of PagerDuty by 140.6% during the fourth quarter. AlphaQuest LLC now owns 109,642 shares of the company's stock worth $2,002,000 after buying an additional 64,068 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company's stock.

PagerDuty Stock Performance

PD traded down $0.37 during midday trading on Friday, reaching $14.72. The company's stock had a trading volume of 1,343,708 shares, compared to its average volume of 1,077,790. The company has a fifty day simple moving average of $17.43 and a 200 day simple moving average of $18.46. The stock has a market cap of $1.34 billion, a P/E ratio of -18.40 and a beta of 1.06. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. PagerDuty, Inc. has a twelve month low of $14.40 and a twelve month high of $23.12.

PagerDuty (NYSE:PD - Get Free Report) last announced its quarterly earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. The firm had revenue of $121.45 million during the quarter, compared to analysts' expectations of $119.53 million. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The company's revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. Research analysts expect that PagerDuty, Inc. will post -0.27 earnings per share for the current year.

PagerDuty declared that its Board of Directors has initiated a share buyback program on Thursday, March 13th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to purchase up to 10.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PD shares. The Goldman Sachs Group reduced their price target on PagerDuty from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Friday, March 14th. Bank of America downgraded shares of PagerDuty from a "buy" rating to an "underperform" rating and dropped their price objective for the company from $23.00 to $18.00 in a research note on Thursday, January 30th. Truist Financial decreased their target price on shares of PagerDuty from $30.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Canaccord Genuity Group dropped their price target on shares of PagerDuty from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Finally, Morgan Stanley decreased their price target on shares of PagerDuty from $20.00 to $17.00 and set an "equal weight" rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.55.

Insider Activity

In other news, CEO Jennifer Tejada sold 1,569 shares of PagerDuty stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total value of $31,380.00. Following the completion of the sale, the chief executive officer now directly owns 868,311 shares in the company, valued at approximately $17,366,220. The trade was a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.60% of the stock is owned by corporate insiders.

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.