PagerDuty (NYSE:PD) Shares Gap Down Following Insider Selling

Shares of PagerDuty, Inc. (NYSE:PD - Get Free Report) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $19.38, but opened at $18.70. PagerDuty shares last traded at $18.51, with a volume of 172,040 shares trading hands.

Specifically, CEO Jennifer Tejada sold 1,569 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $21.00 price target on shares of PagerDuty in a research note on Wednesday, December 11th. Bank of America cut shares of PagerDuty from a "buy" rating to an "underperform" rating and decreased their target price for the company from $23.00 to $18.00 in a research report on Thursday. Finally, Royal Bank of Canada lifted their price target on PagerDuty from $22.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $21.64.

PagerDuty Trading Up 1.4 %

The company has a market capitalization of $1.69 billion, a P/E ratio of -23.47 and a beta of 1.13. 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 company's fifty day simple moving average is $19.19 and its 200-day simple moving average is $19.01.

Institutional Investors Weigh In On PagerDuty

A number of institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP boosted its holdings in shares of PagerDuty by 28.4% in the 2nd quarter. Marshall Wace LLP now owns 46,100 shares of the company's stock valued at $1,057,000 after buying an additional 10,200 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in PagerDuty by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 50,347 shares of the company's stock valued at $1,154,000 after acquiring an additional 1,820 shares during the last quarter. Mackenzie Financial Corp boosted its stake in PagerDuty by 5.1% in the second quarter. Mackenzie Financial Corp now owns 17,735 shares of the company's stock valued at $407,000 after acquiring an additional 856 shares in the last quarter. Algert Global LLC grew its holdings in PagerDuty by 236.1% in the second quarter. Algert Global LLC now owns 34,116 shares of the company's stock worth $782,000 after purchasing an additional 23,966 shares during the last quarter. Finally, Quarry LP increased its position in shares of PagerDuty by 1,537.2% during the second quarter. Quarry LP now owns 1,408 shares of the company's stock worth $32,000 after purchasing an additional 1,322 shares in the last quarter. Institutional investors own 97.26% 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.