Nikko Asset Management Americas Inc. Sells 374,238 Shares of PagerDuty, Inc. (NYSE:PD)

Nikko Asset Management Americas Inc. lessened its stake in shares of PagerDuty, Inc. (NYSE:PD) by 10.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,364,565 shares of the company’s stock after selling 374,238 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in PagerDuty were worth $61,437,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PD. Point72 Asset Management L.P. lifted its stake in PagerDuty by 1.4% in the third quarter. Point72 Asset Management L.P. now owns 58,377 shares of the company’s stock worth $1,083,000 after acquiring an additional 819 shares during the period. Quarry LP lifted its stake in PagerDuty by 98.3% in the third quarter. Quarry LP now owns 2,792 shares of the company’s stock worth $52,000 after acquiring an additional 1,384 shares during the period. Fred Alger Management LLC lifted its stake in PagerDuty by 63.7% in the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock worth $76,000 after acquiring an additional 1,594 shares during the period. 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 worth $614,000 after acquiring an additional 1,701 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake 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 acquiring an additional 1,965 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Canaccord Genuity Group lowered their price objective on PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Friday. JPMorgan Chase & Co. restated an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a report on Wednesday, December 11th. Bank of America cut shares of PagerDuty from a “buy” rating to an “underperform” rating and dropped their target price for the company from $23.00 to $18.00 in a report on Thursday, January 30th. Truist Financial dropped their target price on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Friday. 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 report on Friday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, PagerDuty currently has an average rating of “Hold” and a consensus target price of $20.73.

PagerDuty Price Performance

PD opened at $18.41 on Monday. The stock has a 50-day moving average price of $18.24 and a 200-day moving average price of $18.67. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. The firm has a market cap of $1.66 billion, a PE ratio of -23.01 and a beta of 1.12. PagerDuty, Inc. has a 1 year low of $15.49 and a 1 year high of $23.85.

PagerDuty (NYSE:PD) last posted its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $119.53 million. During the same quarter in the previous year, the firm earned $0.17 EPS. PagerDuty’s quarterly revenue was up 9.3% compared to the same quarter last year. Sell-side analysts predict that PagerDuty, Inc. will post -0.27 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider Shelley Webb sold 7,879 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $18.19, for a total transaction of $143,319.01. Following the completion of the sale, the insider now owns 199,122 shares of the company’s stock, valued at $3,622,029.18. This represents a 3.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the sale, the chief executive officer now directly owns 868,311 shares of the company’s stock, valued at $17,366,220. The trade was a 0.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,048 shares of company stock valued at $186,699. 7.60% of the stock is owned by insiders.

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.