PagerDuty (NYSE:PD) Stock Price Down 4.7% – Here’s What Happened

PagerDuty (NYSE:PD)’s share price dropped 4.7% during trading on Tuesday . The company traded as low as $7.42 and last traded at $7.5080. Approximately 472,748 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 3,241,558 shares. The stock had previously closed at $7.88.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Truist Financial decreased their price objective on PagerDuty from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, January 7th. Morgan Stanley set a $9.00 target price on PagerDuty in a research note on Thursday, February 19th. Zacks Research lowered PagerDuty from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Bank of America assumed coverage on PagerDuty in a research report on Tuesday, December 2nd. They set an “underperform” rating and a $12.00 price target on the stock. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of PagerDuty in a research report on Wednesday, February 11th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.00.

PagerDuty Price Performance

The firm’s 50-day moving average is $9.30 and its 200-day moving average is $13.04. The company has a market capitalization of $677.77 million, a PE ratio of 4.62, a price-to-earnings-growth ratio of 1.91 and a beta of 0.73. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 1.23.

Insiders Place Their Bets

In other PagerDuty news, Director Dan Alexandru Solomon sold 266,667 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $13.35, for a total transaction of $3,560,004.45. Following the sale, the director owned 2,389,665 shares in the company, valued at $31,902,027.75. This trade represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On PagerDuty

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada raised its holdings in shares of PagerDuty by 60.8% during the 1st quarter. Royal Bank of Canada now owns 96,575 shares of the company’s stock valued at $1,764,000 after buying an additional 36,517 shares in the last quarter. AQR Capital Management LLC boosted its stake in PagerDuty by 110.6% in the first quarter. AQR Capital Management LLC now owns 147,127 shares of the company’s stock worth $2,679,000 after buying an additional 77,251 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PagerDuty by 1.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,601 shares of the company’s stock valued at $943,000 after acquiring an additional 671 shares during the last quarter. Millennium Management LLC grew its position in PagerDuty by 55.4% during the first quarter. Millennium Management LLC now owns 1,005,111 shares of the company’s stock valued at $18,363,000 after acquiring an additional 358,347 shares during the last quarter. Finally, Woodline Partners LP purchased a new position in shares of PagerDuty during the first quarter worth approximately $556,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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. Its platform includes PagerDuty Incident Management that provides a real-time view across the status of a digital service while incorporating noise reduction to remove false positives; AIOps that applies machine learning to correlate and automate the identification of incidents from billions of events; Process Automation offers centralized design time and run time environment for orchestrating automated workflows that span across departments, technologies, and networks; Customer Service Operations, which is offered to orchestrate, automate, and scale responses to customer impacting issues.