ARK Investment Management LLC Sells 853,071 Shares of PagerDuty, Inc. (NYSE:PD)

ARK Investment Management LLC reduced its holdings in shares of PagerDuty, Inc. (NYSE:PD - Free Report) by 8.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,751,224 shares of the company's stock after selling 853,071 shares during the quarter. PagerDuty accounts for 1.7% of ARK Investment Management LLC's portfolio, making the stock its 19th largest position. ARK Investment Management LLC owned about 10.48% of PagerDuty worth $180,885,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. First Horizon Advisors Inc. boosted its stake in shares of PagerDuty by 28.0% in the second quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company's stock valued at $53,000 after purchasing an additional 508 shares during the period. Envestnet Asset Management Inc. boosted its stake in PagerDuty by 0.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 123,247 shares of the company's stock valued at $2,826,000 after acquiring an additional 542 shares during the last quarter. Arizona State Retirement System boosted its stake in PagerDuty by 2.8% during the 2nd quarter. Arizona State Retirement System now owns 24,667 shares of the company's stock valued at $566,000 after acquiring an additional 676 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of PagerDuty by 5.1% during the second quarter. Mackenzie Financial Corp now owns 17,735 shares of the company's stock worth $407,000 after purchasing an additional 856 shares during the period. Finally, CWM LLC raised its holdings in shares of PagerDuty by 7.2% during the second quarter. CWM LLC now owns 12,982 shares of the company's stock worth $298,000 after purchasing an additional 868 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PD shares. Scotiabank dropped their price objective on shares of PagerDuty from $23.00 to $18.00 and set a "sector perform" rating on the stock in a report on Wednesday, September 4th. Royal Bank of Canada dropped their price objective on shares of PagerDuty from $27.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, September 4th. Bank of America dropped their price objective on shares of PagerDuty from $28.00 to $23.00 and set a "buy" rating on the stock in a report on Wednesday, September 4th. TD Cowen dropped their price objective on shares of PagerDuty from $23.00 to $19.00 and set a "hold" rating on the stock in a report on Wednesday, September 4th. Finally, Canaccord Genuity Group dropped their price objective on shares of PagerDuty from $26.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $21.82.

PagerDuty Stock Down 1.8 %

Shares of PD stock traded down $0.36 during trading on Friday, hitting $19.89. 659,598 shares of the company were exchanged, compared to its average volume of 1,128,684. The company has a debt-to-equity ratio of 2.38, a quick ratio of 2.13 and a current ratio of 2.13. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -22.35 and a beta of 1.07. The business's 50-day simple moving average is $18.27 and its 200 day simple moving average is $19.65. PagerDuty, Inc. has a twelve month low of $16.46 and a twelve month high of $26.70.

PagerDuty (NYSE:PD - Get Free Report) last posted its earnings results on Tuesday, September 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.04. The firm had revenue of $115.94 million during the quarter, compared to analysts' expectations of $116.52 million. PagerDuty had a negative net margin of 18.58% and a negative return on equity of 25.83%. The company's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.18) earnings per share. As a group, analysts forecast that PagerDuty, Inc. will post -0.37 EPS for the current fiscal year.

Insider Transactions at PagerDuty

In other news, CAO Mitra Rezvan sold 2,942 shares of the business's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $18.06, for a total value of $53,132.52. Following the completion of the sale, the chief accounting officer now directly owns 108,449 shares in the company, valued at approximately $1,958,588.94. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mitra Rezvan sold 2,942 shares of the business's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $18.06, for a total transaction of $53,132.52. Following the transaction, the chief accounting officer now owns 108,449 shares of the company's stock, valued at approximately $1,958,588.94. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jennifer Tejada sold 18,750 shares of the business's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $20.09, for a total transaction of $376,687.50. Following the transaction, the chief executive officer now directly owns 1,010,861 shares in the company, valued at $20,308,197.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,938 shares of company stock worth $542,998. 7.60% of the stock is owned by insiders.

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.