Clearbridge Investments LLC Has $52.18 Million Stock Position in PagerDuty, Inc. (NYSE:PD)

Clearbridge Investments LLC lessened its stake in shares of PagerDuty, Inc. (NYSE:PD) by 11.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,857,679 shares of the company’s stock after selling 364,180 shares during the period. Clearbridge Investments LLC’s holdings in PagerDuty were worth $52,181,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. AMI Asset Management Corp boosted its holdings in shares of PagerDuty by 154.2% in the 4th quarter. AMI Asset Management Corp now owns 56,156 shares of the company’s stock valued at $1,025,000 after buying an additional 34,063 shares during the last quarter. Geode Capital Management LLC raised its position in PagerDuty by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company’s stock worth $39,915,000 after acquiring an additional 37,147 shares in the last quarter. Intech Investment Management LLC bought a new stake in PagerDuty during the third quarter worth $444,000. Franklin Resources Inc. lifted its stake in PagerDuty by 5.4% in the third 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. Finally, JPMorgan Chase & Co. grew its position in shares of PagerDuty by 285.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock valued at $23,444,000 after acquiring an additional 936,257 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

PagerDuty Stock Performance

NYSE PD opened at $18.31 on Tuesday. PagerDuty, Inc. has a 12-month low of $15.49 and a 12-month high of $23.40. The firm has a 50-day moving average price of $18.44 and a two-hundred day moving average price of $18.71. The company has a market capitalization of $1.67 billion, a P/E ratio of -22.88 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) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The business had revenue of $121.45 million for 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 firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. Analysts anticipate that PagerDuty, Inc. will post -0.27 earnings per share for the current year.

PagerDuty declared that its board has initiated a share buyback plan on Thursday, March 13th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

PD has been the subject of several recent analyst reports. Truist Financial cut their target price on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, March 14th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a research note on Wednesday, December 11th. The Goldman Sachs Group dropped their price target on PagerDuty from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, March 14th. Canaccord Genuity Group reduced 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, Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $23.00 to $18.00 in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.73.

Insider Buying and Selling

In related news, insider Shelley Webb sold 7,879 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $18.19, for a total transaction of $143,319.01. Following the sale, the insider now owns 199,122 shares in the company, valued at approximately $3,622,029.18. This trade represents a 3.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jennifer Tejada sold 1,569 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the transaction, the chief executive officer now owns 868,311 shares of the company’s stock, valued at approximately $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,048 shares of company stock worth $186,699. Company insiders own 7.60% of the company’s stock.

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.