Clearbridge Investments LLC Sells 364,180 Shares of PagerDuty, Inc. (NYSE:PD)

Clearbridge Investments LLC trimmed its holdings in PagerDuty, Inc. (NYSE:PD - Free Report) by 11.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,857,679 shares of the company's stock after selling 364,180 shares during the quarter. Clearbridge Investments LLC owned 3.17% of PagerDuty worth $52,181,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Point72 Asset Management L.P. increased its stake in PagerDuty by 1.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 58,377 shares of the company's stock worth $1,083,000 after purchasing an additional 819 shares in the last quarter. Quarry LP increased its position in shares of PagerDuty by 98.3% in the third quarter. Quarry LP now owns 2,792 shares of the company's stock worth $52,000 after acquiring an additional 1,384 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of PagerDuty by 63.7% during the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company's stock valued at $76,000 after acquiring an additional 1,594 shares during the period. Franklin Resources Inc. lifted its position in shares of PagerDuty by 5.4% in the 3rd quarter. Franklin Resources Inc. now owns 32,915 shares of the company's stock valued at $614,000 after acquiring an additional 1,701 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in PagerDuty by 24.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,061 shares of the company's stock worth $184,000 after purchasing an additional 1,965 shares during the period. Institutional investors own 97.26% of the company's stock.

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PagerDuty Stock Down 0.4 %

PD stock traded down $0.07 during trading hours on Wednesday, hitting $18.31. The company's stock had a trading volume of 1,012,303 shares, compared to its average volume of 1,061,070. The stock has a 50 day moving average price of $18.43 and a two-hundred day moving average price of $18.71. PagerDuty, Inc. has a 12 month low of $15.49 and a 12 month high of $23.40. The company has a market capitalization of $1.67 billion, a PE ratio of -22.89 and a beta of 1.12. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 3.52.

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

PagerDuty declared that its board has approved a stock repurchase plan on Thursday, March 13th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 10.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Shelley Webb sold 7,879 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $18.19, for a total transaction of $143,319.01. Following the completion of the transaction, the insider now owns 199,122 shares of the company's stock, valued at approximately $3,622,029.18. The trade was a 3.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jennifer Tejada sold 1,569 shares of the 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 of the company's stock, valued at $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,048 shares of company stock valued at $186,699 over the last 90 days. 7.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on PD shares. Canaccord Genuity Group cut their target price on shares of PagerDuty from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Truist Financial dropped their price target on PagerDuty from $30.00 to $26.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Bank of America lowered PagerDuty from a "buy" rating to an "underperform" rating and decreased their price objective for the stock from $23.00 to $18.00 in a research report on Thursday, January 30th. The Goldman Sachs Group dropped their target price on PagerDuty from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Friday, March 14th. Finally, Royal Bank of Canada decreased their price target on shares of PagerDuty from $24.00 to $22.00 and set an "outperform" rating for the company in a report on Friday, March 14th. Two investment 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. According to data from MarketBeat, PagerDuty currently has an average rating of "Hold" and an average price target of $20.73.

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.