JPMorgan Chase & Co. Reduces Holdings in PagerDuty, Inc. (NYSE:PD)

JPMorgan Chase & Co. cut its stake in shares of PagerDuty, Inc. (NYSE:PD - Free Report) by 58.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 519,285 shares of the company's stock after selling 744,556 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.58% of PagerDuty worth $9,482,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Franklin Resources Inc. lifted its holdings in PagerDuty by 5.4% during the third quarter. Franklin Resources Inc. now owns 32,915 shares of the company's stock worth $614,000 after buying an additional 1,701 shares during the period. PNC Financial Services Group Inc. raised its holdings in PagerDuty by 24.3% in the fourth 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 in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of PagerDuty by 12.4% in the 4th quarter. Handelsbanken Fonder AB now owns 19,000 shares of the company's stock valued at $347,000 after buying an additional 2,100 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in shares of PagerDuty in the 4th quarter worth approximately $43,000. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in shares of PagerDuty by 22.3% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 13,700 shares of the company's stock worth $247,000 after acquiring an additional 2,500 shares in the last quarter. Institutional investors own 97.26% of the company's stock.

Insider Activity at PagerDuty

In other news, CEO Jennifer Tejada sold 1,569 shares of the firm's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total value of $31,380.00. Following the transaction, the chief executive officer now directly owns 868,311 shares of the company's stock, valued at approximately $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 7.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Bank of America lowered PagerDuty from a "buy" rating to an "underperform" rating and decreased their price objective for the company from $23.00 to $18.00 in a report on Thursday, January 30th. The Goldman Sachs Group decreased their price target on PagerDuty from $21.00 to $18.00 and set a "neutral" rating for the company 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 note on Friday, March 14th. Canaccord Genuity Group decreased their price objective on shares of PagerDuty from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Finally, Royal Bank of Canada dropped their target price on shares of PagerDuty from $24.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, March 14th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, PagerDuty currently has a consensus rating of "Hold" and a consensus price target of $20.55.

PagerDuty Stock Performance

NYSE PD traded down $0.37 during mid-day trading on Friday, reaching $14.72. 1,343,708 shares of the stock were exchanged, compared to its average volume of 1,078,374. The company has a market capitalization of $1.34 billion, a P/E ratio of -18.40 and a beta of 1.06. The company has a debt-to-equity ratio of 3.52, a quick ratio of 1.97 and a current ratio of 1.97. The business's 50 day moving average is $17.52 and its 200-day moving average is $18.47. PagerDuty, Inc. has a 1 year low of $14.40 and a 1 year high of $23.12.

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

PagerDuty announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 13th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

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.