Norges Bank Takes $4.91 Million Position in PagerDuty, Inc. (NYSE:PD)

Norges Bank purchased a new stake in shares of PagerDuty, Inc. (NYSE:PD - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 269,122 shares of the company's stock, valued at approximately $4,914,000. Norges Bank owned approximately 0.30% of PagerDuty as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of PD. AMI Asset Management Corp lifted its stake in PagerDuty by 154.2% during the fourth quarter. AMI Asset Management Corp now owns 56,156 shares of the company's stock valued at $1,025,000 after purchasing an additional 34,063 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of PagerDuty by 1.8% in the third quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company's stock valued at $39,915,000 after buying an additional 37,147 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of PagerDuty by 5.4% during 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of PagerDuty by 12.4% during the 4th quarter. Bank of New York Mellon Corp now owns 905,337 shares of the company's stock worth $16,531,000 after acquiring an additional 100,207 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of PagerDuty by 285.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company's stock worth $23,444,000 after acquiring an additional 936,257 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

PagerDuty Stock Up 1.4 %

Shares of NYSE PD traded up $0.21 during mid-day trading on Tuesday, reaching $15.72. The company had a trading volume of 84,593 shares, compared to its average volume of 1,134,852. The company has a debt-to-equity ratio of 3.52, a quick ratio of 1.97 and a current ratio of 1.97. PagerDuty, Inc. has a twelve month low of $14.40 and a twelve month high of $23.12. The stock's 50 day moving average is $17.75 and its 200-day moving average is $18.55. The stock has a market capitalization of $1.43 billion, a PE ratio of -19.63 and a beta of 1.06.

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

PagerDuty announced that its board has initiated a stock repurchase program on Thursday, March 13th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 10.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

PD has been the subject of several analyst reports. Canaccord Genuity Group reduced their target price on PagerDuty from $24.00 to $23.00 and set a "buy" rating for the company in a report on Friday, March 14th. The Goldman Sachs Group cut their price objective on PagerDuty from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Friday, March 14th. 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. Truist Financial cut their price target on shares of PagerDuty from $30.00 to $26.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Finally, Bank of America lowered shares of 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 note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, PagerDuty presently has a consensus rating of "Hold" and a consensus price target of $20.73.

Insider Activity at PagerDuty

In related news, CEO Jennifer Tejada sold 1,569 shares of the company's stock in a transaction 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 in the company, valued at approximately $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 7.60% of the company's stock.

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.