ARK Investment Management LLC Sells 853,071 Shares of PagerDuty, Inc. (NYSE:PD)

ARK Investment Management LLC decreased its stake in PagerDuty, Inc. (NYSE:PD) by 8.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,751,224 shares of the company’s stock after selling 853,071 shares during the period. PagerDuty comprises about 1.7% of ARK Investment Management LLC’s investment portfolio, making the stock its 19th biggest position. ARK Investment Management LLC owned 0.10% of PagerDuty worth $180,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Private Advisor Group LLC boosted its stake in PagerDuty by 74.2% in the first quarter. Private Advisor Group LLC now owns 23,978 shares of the company’s stock worth $544,000 after buying an additional 10,212 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of PagerDuty in the 1st quarter worth approximately $395,000. ProShare Advisors LLC boosted its stake in shares of PagerDuty by 6.9% in the 1st quarter. ProShare Advisors LLC now owns 16,045 shares of the company’s stock valued at $364,000 after purchasing an additional 1,034 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in PagerDuty by 20.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 30,638 shares of the company’s stock worth $695,000 after purchasing an additional 5,300 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of PagerDuty by 0.3% during the first quarter. Vanguard Group Inc. now owns 9,631,790 shares of the company’s stock valued at $218,449,000 after buying an additional 33,454 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PD shares. Robert W. Baird reduced their price target on PagerDuty from $22.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Canaccord Genuity Group cut their target price on shares of PagerDuty from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. The Goldman Sachs Group lowered their price target on shares of PagerDuty from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Morgan Stanley cut their price target on shares of PagerDuty from $24.00 to $19.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Finally, Scotiabank dropped their price objective on PagerDuty from $23.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.82.

PagerDuty Stock Performance

PD stock opened at $20.25 on Friday. The stock has a market capitalization of $1.88 billion, a PE ratio of -22.75 and a beta of 1.07. The stock’s 50 day simple moving average is $18.27 and its 200 day simple moving average is $19.65. PagerDuty, Inc. has a 12-month low of $16.46 and a 12-month high of $26.70. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 2.38.

PagerDuty (NYSE:PD) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.17 by $0.04. The company had revenue of $115.94 million during the quarter, compared to the consensus estimate of $116.52 million. PagerDuty had a negative return on equity of 25.83% and a negative net margin of 18.58%. PagerDuty’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the company earned ($0.18) EPS. As a group, research analysts forecast that PagerDuty, Inc. will post -0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PagerDuty news, CAO Mitra Rezvan sold 2,942 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $18.06, for a total value of $53,132.52. Following the transaction, the chief accounting officer now owns 108,449 shares of the company’s stock, valued at approximately $1,958,588.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jennifer Tejada sold 18,750 shares of PagerDuty stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $20.09, for a total transaction of $376,687.50. Following the transaction, the chief executive officer now directly owns 1,010,861 shares in the company, valued at approximately $20,308,197.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mitra Rezvan sold 2,942 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $18.06, for a total value of $53,132.52. Following the completion of the sale, the chief accounting officer now owns 108,449 shares of the company’s stock, valued at approximately $1,958,588.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,938 shares of company stock valued at $542,998. Company insiders own 7.60% of the company’s stock.

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.