Allspring Global Investments Holdings LLC Sells 153,432 Shares of PagerDuty (NYSE:PD)

Allspring Global Investments Holdings LLC lowered its stake in shares of PagerDuty (NYSE:PD) by 18.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 670,818 shares of the company’s stock after selling 153,432 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PagerDuty were worth $12,256,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Northern Trust Corp grew its position in PagerDuty by 4.0% during the fourth quarter. Northern Trust Corp now owns 907,074 shares of the company’s stock worth $16,563,000 after buying an additional 35,026 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of PagerDuty by 12.4% in the 4th quarter. Bank of New York Mellon Corp now owns 905,337 shares of the company’s stock valued at $16,531,000 after purchasing an additional 100,207 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of PagerDuty in the 4th quarter valued at $352,000. Scalar Gauge Management LLC bought a new position in shares of PagerDuty in the 4th quarter valued at $5,993,000. Finally, Nuveen Asset Management LLC lifted its stake in shares of PagerDuty by 0.9% in the 4th quarter. Nuveen Asset Management LLC now owns 622,940 shares of the company’s stock valued at $11,375,000 after acquiring an additional 5,466 shares during the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PD. The Goldman Sachs Group lowered their target price on PagerDuty from $21.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Royal Bank Of Canada reduced their price target on PagerDuty from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. JPMorgan Chase & Co. reduced their price target on PagerDuty from $21.00 to $18.00 and set an “underweight” rating on the stock in a research report on Friday, May 30th. Truist Financial reduced their price target on PagerDuty from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. Finally, Canaccord Genuity Group reduced their price target on PagerDuty from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, June 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, PagerDuty presently has a consensus rating of “Hold” and an average target price of $19.50.

PagerDuty Stock Performance

Shares of PagerDuty stock opened at $15.97 on Friday. The company has a debt-to-equity ratio of 2.70, a current ratio of 2.02 and a quick ratio of 2.02. The business has a 50-day simple moving average of $15.47 and a 200 day simple moving average of $16.99. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -39.93, a PEG ratio of 9.07 and a beta of 0.89. PagerDuty has a one year low of $13.70 and a one year high of $22.19.

PagerDuty (NYSE:PD) last announced its earnings results on Thursday, May 29th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. PagerDuty had a negative return on equity of 8.73% and a negative net margin of 7.75%. The firm had revenue of $119.81 million for the quarter, compared to the consensus estimate of $118.98 million. During the same quarter in the previous year, the business earned $0.17 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. On average, research analysts anticipate that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its Board of Directors has initiated a share buyback program on Thursday, March 13th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 10.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.