Sumitomo Mitsui Trust Holdings Inc. Reduces Position in PagerDuty, Inc. (NYSE:PD)

Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in shares of PagerDuty, Inc. (NYSE:PD) by 6.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,908,103 shares of the company’s stock after selling 285,655 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 4.09% of PagerDuty worth $89,613,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Cambridge Trust Co. acquired a new position in PagerDuty in the first quarter valued at $68,000. Resolute Advisors LLC acquired a new position in shares of PagerDuty during the fourth quarter worth about $142,000. a16z Perennial Management L.P. acquired a new position in shares of PagerDuty during the fourth quarter worth about $148,000. Neo Ivy Capital Management acquired a new position in shares of PagerDuty during the fourth quarter worth about $171,000. Finally, SteelPeak Wealth LLC acquired a new position in shares of PagerDuty during the second quarter worth about $200,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Scotiabank assumed coverage on PagerDuty in a research report on Friday, June 28th. They set a “sector perform” rating and a $23.00 target price on the stock. The Goldman Sachs Group assumed coverage on PagerDuty in a research report on Thursday, July 18th. They set a “neutral” rating and a $24.00 target price on the stock. Craig Hallum raised PagerDuty from a “hold” rating to a “buy” rating and lifted their target price for the stock from $21.00 to $30.00 in a research report on Wednesday, June 12th. Canaccord Genuity Group lowered their price objective on PagerDuty from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. assumed coverage on PagerDuty in a report on Thursday, June 27th. They issued a “neutral” rating and a $24.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, PagerDuty currently has a consensus rating of “Hold” and a consensus price target of $26.64.

Insider Activity

In related news, CEO Jennifer Tejada sold 14,512 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $22.00, for a total transaction of $319,264.00. Following the completion of the sale, the chief executive officer now directly owns 1,010,861 shares in the company, valued at $22,238,942. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other PagerDuty news, insider Shelley Webb sold 5,732 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $21.98, for a total transaction of $125,989.36. Following the transaction, the insider now directly owns 235,657 shares of the company’s stock, valued at $5,179,740.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer Tejada sold 14,512 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $22.00, for a total transaction of $319,264.00. Following the transaction, the chief executive officer now directly owns 1,010,861 shares in the company, valued at $22,238,942. The disclosure for this sale can be found here. Insiders sold 91,494 shares of company stock worth $1,940,293 over the last quarter. Corporate insiders own 7.60% of the company’s stock.

PagerDuty Price Performance

PD opened at $19.21 on Monday. The stock has a fifty day moving average of $20.72 and a 200-day moving average of $21.50. The firm has a market capitalization of $1.84 billion, a P/E ratio of -19.02 and a beta of 1.07. PagerDuty, Inc. has a 12-month low of $17.92 and a 12-month high of $26.70. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 2.58.

PagerDuty (NYSE:PD) last released its earnings results on Thursday, May 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). The company had revenue of $111.17 million during the quarter, compared to analyst estimates of $111.74 million. PagerDuty had a negative return on equity of 28.38% and a negative net margin of 21.34%. Equities analysts forecast that PagerDuty, Inc. will post -0.44 EPS for the current fiscal year.

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.