Short Interest in PagerDuty (NYSE:PD) Decreases By 19.0%

Key Points

• PagerDuty's short interest fell by 19.0% in August, totaling 10,030,000 shares as of August 31st, which represents 11.7% of the stock being short sold.
• Equities analysts have mixed opinions on PagerDuty, with five analysts rating it as a Buy and a consensus price target of $18.70.
• PagerDuty shares increased by 3.3% recently, reaching a price of $16.44, as trading volume was slightly below the average at 1,749,712 shares.

PagerDuty (NYSE:PD - Get Free Report) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totaling 10,030,000 shares, a decrease of 19.0% from the August 15th total of 12,380,000 shares. Currently, 11.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,180,000 shares, the short-interest ratio is presently 4.6 days. Based on an average daily trading volume, of 2,180,000 shares, the short-interest ratio is presently 4.6 days. Currently, 11.7% of the shares of the stock are short sold.

Institutional Trading of PagerDuty

Hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of PagerDuty by 1.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company's stock valued at $930,000 after acquiring an additional 586 shares during the period. California State Teachers Retirement System lifted its position in PagerDuty by 1.4% in the second quarter. California State Teachers Retirement System now owns 81,474 shares of the company's stock valued at $1,245,000 after purchasing an additional 1,129 shares during the period. Headlands Technologies LLC lifted its holdings in shares of PagerDuty by 2,235.6% in the 1st quarter. Headlands Technologies LLC now owns 1,378 shares of the company's stock valued at $25,000 after buying an additional 1,319 shares during the period. Summit Securities Group LLC purchased a new stake in shares of PagerDuty during the 1st quarter worth $33,000. Finally, KBC Group NV purchased a new stake in PagerDuty during the first quarter worth about $33,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

PagerDuty Price Performance

PD traded down $0.03 during trading hours on Monday, hitting $16.30. The company's stock had a trading volume of 1,512,951 shares, compared to its average volume of 2,503,167. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -101.84, a P/E/G ratio of 13.23 and a beta of 0.88. The business's 50-day moving average price is $15.93 and its 200-day moving average price is $15.97. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 2.18. PagerDuty has a 12 month low of $13.69 and a 12 month high of $21.98.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. TD Cowen raised PagerDuty from a "hold" rating to a "buy" rating and set a $22.00 price objective for the company in a research note on Monday, July 28th. Zacks Research upgraded PagerDuty to a "hold" rating in a research note on Friday, August 8th. Wall Street Zen upgraded shares of PagerDuty from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 31st. Truist Financial lowered their target price on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, Robert W. Baird cut their target price on shares of PagerDuty from $18.00 to $16.00 and set a "neutral" rating for the company in a research note on Thursday, September 4th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $18.70.

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.