Bares Capital Management Inc. Reduces Stock Position in PagerDuty, Inc. (NYSE:PD)

Bares Capital Management Inc. trimmed its stake in PagerDuty, Inc. (NYSE:PD - Free Report) by 97.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,709 shares of the company's stock after selling 505,577 shares during the period. PagerDuty accounts for approximately 0.0% of Bares Capital Management Inc.'s holdings, making the stock its 22nd largest position. Bares Capital Management Inc.'s holdings in PagerDuty were worth $254,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. boosted its stake in PagerDuty by 6,298.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 55,410 shares of the company's stock valued at $1,270,000 after buying an additional 54,544 shares during the last quarter. Jackson Square Capital LLC purchased a new stake in PagerDuty during the third quarter valued at approximately $665,000. Clearline Capital LP purchased a new stake in PagerDuty during the second quarter valued at approximately $1,323,000. Glenmede Trust Co. NA raised its position in PagerDuty by 11.7% during the third quarter. Glenmede Trust Co. NA now owns 721,633 shares of the company's stock valued at $13,386,000 after purchasing an additional 75,771 shares during the period. Finally, Natixis Advisors LLC raised its position in PagerDuty by 172.8% during the second quarter. Natixis Advisors LLC now owns 39,733 shares of the company's stock valued at $911,000 after purchasing an additional 25,170 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PD shares. The Goldman Sachs Group reduced their price target on PagerDuty from $24.00 to $21.00 and set a "neutral" rating on the stock in a report on Wednesday, September 4th. Morgan Stanley reduced their price objective on PagerDuty from $24.00 to $19.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 4th. Robert W. Baird reduced their price objective on PagerDuty from $22.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, September 4th. Bank of America reduced their price objective on PagerDuty from $28.00 to $23.00 and set a "buy" rating on the stock in a report on Wednesday, September 4th. Finally, Scotiabank reduced their price objective on PagerDuty from $23.00 to $18.00 and set a "sector perform" rating on the stock in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, PagerDuty currently has a consensus rating of "Hold" and an average target price of $22.00.

Insider Activity at PagerDuty

In other news, insider Shelley Webb sold 6,246 shares of the company's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $18.12, for a total transaction of $113,177.52. Following the sale, the insider now owns 216,572 shares of the company's stock, valued at approximately $3,924,284.64. This represents a 2.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mitra Rezvan sold 2,942 shares of the company's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $18.06, for a total value of $53,132.52. Following the sale, the chief accounting officer now directly owns 108,449 shares in the company, valued at $1,958,588.94. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,396 shares of company stock worth $1,733,561 in the last 90 days. Corporate insiders own 7.60% of the company's stock.

PagerDuty Stock Performance

PD traded down $0.41 on Tuesday, reaching $20.34. 1,329,162 shares of the stock were exchanged, compared to its average volume of 1,143,670. The company's 50-day moving average price is $19.24 and its 200 day moving average price is $19.62. The firm has a market capitalization of $1.83 billion, a PE ratio of -25.93 and a beta of 1.09. PagerDuty, Inc. has a fifty-two week low of $16.46 and a fifty-two week high of $26.70. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97.

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.