PagerDuty (NYSE:PD) Shares Down 4.7% - Here's What Happened

Key Points

• Shares down 4.7%: PagerDuty fell to $7.5080 mid-day (low $7.42) with ~472,748 shares trading, about an 85% drop from its average daily volume of 3.24 million and a prior close of $7.88.
• Analyst consensus: Hold: MarketBeat data shows a consensus "Hold" rating with a $16 target (3 Buys, 7 Holds, 3 Sells), while individual targets range from $9 to $19.
• Insider sale and heavy institutional ownership: Director Dan Alexandru Solomon sold 266,667 shares at ~$13.35 (~$3.56M), cutting his stake ~10.04%; institutional investors own 97.26%, with Vanguard and other funds increasing positions.

PagerDuty (NYSE:PD - Get Free Report)'s share price was down 4.7% during mid-day trading on Tuesday . The stock traded as low as $7.42 and last traded at $7.5080. Approximately 472,748 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 3,241,558 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

PD has been the subject of a number of research reports. Canaccord Genuity Group reissued a "buy" rating and set a $19.00 target price on shares of PagerDuty in a research note on Wednesday, November 26th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of PagerDuty in a report on Wednesday, February 11th. Bank of America started coverage on shares of PagerDuty in a report on Tuesday, December 2nd. They set an "underperform" rating and a $12.00 price objective on the stock. Wall Street Zen raised shares of PagerDuty from a "hold" rating to a "buy" rating in a research report on Sunday, January 25th. Finally, Morgan Stanley set a $9.00 target price on PagerDuty in a report on Thursday, February 19th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, PagerDuty presently has a consensus rating of "Hold" and a consensus target price of $16.00.

PagerDuty Trading Down 3.7%

The firm has a market cap of $696.15 million, a P/E ratio of 4.75, a P/E/G ratio of 2.00 and a beta of 0.73. The business's 50-day moving average is $9.53 and its two-hundred day moving average is $13.15. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.37 and a quick ratio of 2.37.

Insider Activity

In related news, Director Dan Alexandru Solomon sold 266,667 shares of the company's stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $13.35, for a total transaction of $3,560,004.45. Following the sale, the director owned 2,389,665 shares in the company, valued at approximately $31,902,027.75. This represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of PagerDuty by 17.1% in the 3rd quarter. Vanguard Group Inc. now owns 12,593,954 shares of the company's stock valued at $208,052,000 after buying an additional 1,840,407 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in PagerDuty by 333.2% during the third quarter. Ameriprise Financial Inc. now owns 1,450,429 shares of the company's stock worth $23,961,000 after buying an additional 1,115,577 shares during the last quarter. Readystate Asset Management LP bought a new stake in PagerDuty during the third quarter worth $15,946,000. Alyeska Investment Group L.P. bought a new stake in PagerDuty during the third quarter worth $13,710,000. Finally, Danske Bank A S acquired a new stake in PagerDuty in the third quarter valued at $13,271,000. 97.26% of the stock is currently owned by institutional investors.

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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