PagerDuty (NYSE:PD) Short Interest Down 19.0% in August

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) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 10,030,000 shares, a decline 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 trading volume of 2,180,000 shares, the days-to-cover ratio is currently 4.6 days. Based on an average trading volume of 2,180,000 shares, the days-to-cover ratio is currently 4.6 days. Currently, 11.7% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PD shares. Zacks Research upgraded PagerDuty to a "hold" rating in a report on Friday, August 8th. Truist Financial decreased their target price on PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Royal Bank Of Canada decreased their target price on PagerDuty from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Thursday, September 4th. Canaccord Genuity Group decreased their target price on PagerDuty from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. Finally, Cowen upgraded PagerDuty from a "hold" rating to a "buy" rating in a report on Monday, July 28th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, PagerDuty presently has a consensus rating of "Hold" and an average price target of $18.70.

PagerDuty Stock Up 3.3%

PD traded up $0.52 during trading on Thursday, reaching $16.44. 1,749,712 shares of the stock traded hands, compared to its average volume of 2,519,812. The stock's 50-day simple moving average is $15.87 and its two-hundred day simple moving average is $16.01. PagerDuty has a fifty-two week low of $13.69 and a fifty-two week high of $21.98. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 796.00, a price-to-earnings-growth ratio of 12.91 and a beta of 0.88. The company has a debt-to-equity ratio of 2.18, a current ratio of 2.39 and a quick ratio of 2.39.

Hedge Funds Weigh In On PagerDuty

Several institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 worth $930,000 after buying an additional 586 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of PagerDuty by 1.4% during the 2nd quarter. California State Teachers Retirement System now owns 81,474 shares of the company's stock worth $1,245,000 after purchasing an additional 1,129 shares during the last quarter. Headlands Technologies LLC lifted its position in shares of PagerDuty by 2,235.6% during the 1st quarter. Headlands Technologies LLC now owns 1,378 shares of the company's stock worth $25,000 after purchasing an additional 1,319 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of PagerDuty during the 1st quarter worth about $33,000. Finally, KBC Group NV bought a new position in PagerDuty during the first quarter valued at about $33,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.