ARK Investment Management LLC Reduces Stake in PagerDuty, Inc. (NYSE:PD)

ARK Investment Management LLC trimmed its stake in PagerDuty, Inc. (NYSE:PD) by 7.7% during the fourth quarter, Holdings Channel reports. The fund owned 8,996,347 shares of the company’s stock after selling 754,877 shares during the period. PagerDuty makes up approximately 1.4% of ARK Investment Management LLC’s portfolio, making the stock its 23rd largest position. ARK Investment Management LLC owned 0.10% of PagerDuty worth $164,273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new position in PagerDuty in the fourth quarter valued at about $43,000. Quarry LP raised its position in shares of PagerDuty by 98.3% in the third quarter. Quarry LP now owns 2,792 shares of the company’s stock valued at $52,000 after purchasing an additional 1,384 shares during the period. Fred Alger Management LLC raised its position in shares of PagerDuty by 63.7% in the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock valued at $76,000 after purchasing an additional 1,594 shares during the period. Point72 DIFC Ltd bought a new stake in shares of PagerDuty in the third quarter valued at approximately $163,000. Finally, Blue Trust Inc. raised its position in shares of PagerDuty by 24.8% in the fourth quarter. Blue Trust Inc. now owns 14,796 shares of the company’s stock valued at $274,000 after purchasing an additional 2,938 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $21.00 price target on shares of PagerDuty in a research report on Wednesday, December 11th. Royal Bank of Canada boosted their price target on shares of PagerDuty from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. Finally, Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and lowered their price target for the company from $23.00 to $18.00 in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $21.64.

Insider Buying and Selling

In other news, CEO Jennifer Tejada sold 1,569 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total value of $31,380.00. Following the transaction, the chief executive officer now owns 868,311 shares of the company’s stock, valued at $17,366,220. This represents a 0.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shelley Webb sold 7,879 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $18.19, for a total transaction of $143,319.01. Following the completion of the transaction, the insider now directly owns 199,122 shares in the company, valued at $3,622,029.18. The trade was a 3.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,548 shares of company stock valued at $438,199. Company insiders own 7.60% of the company’s stock.

PagerDuty Stock Performance

PagerDuty stock opened at $18.01 on Wednesday. The firm’s 50 day simple moving average is $18.56 and its 200 day simple moving average is $18.87. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. The firm has a market capitalization of $1.62 billion, a PE ratio of -22.51 and a beta of 1.13. PagerDuty, Inc. has a 1-year low of $16.46 and a 1-year high of $25.10.

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.