Connor Clark & Lunn Investment Management Ltd. Acquires 89,400 Shares of PagerDuty, Inc. (NYSE:PD)

Connor Clark & Lunn Investment Management Ltd. lifted its position in PagerDuty, Inc. (NYSE:PD) by 18.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 579,305 shares of the company’s stock after buying an additional 89,400 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.64% of PagerDuty worth $10,578,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PD. JPMorgan Chase & Co. lifted its stake in shares of PagerDuty by 285.8% in the third quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock worth $23,444,000 after buying an additional 936,257 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of PagerDuty in the fourth quarter worth approximately $6,574,000. Loomis Sayles & Co. L P raised its holdings in shares of PagerDuty by 33.4% during the third quarter. Loomis Sayles & Co. L P now owns 808,365 shares of the company’s stock valued at $14,995,000 after purchasing an additional 202,382 shares during the last quarter. Barclays PLC raised its holdings in shares of PagerDuty by 24.2% during the third quarter. Barclays PLC now owns 901,120 shares of the company’s stock valued at $16,716,000 after purchasing an additional 175,733 shares during the last quarter. Finally, Edgestream Partners L.P. raised its holdings in shares of PagerDuty by 297.0% during the third quarter. Edgestream Partners L.P. now owns 219,294 shares of the company’s stock valued at $4,068,000 after purchasing an additional 164,061 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

PagerDuty Stock Up 17.9 %

Shares of PD stock opened at $18.41 on Friday. PagerDuty, Inc. has a 12 month low of $15.49 and a 12 month high of $23.85. The stock has a market cap of $1.66 billion, a P/E ratio of -23.01 and a beta of 1.12. 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 company has a 50 day simple moving average of $18.24 and a two-hundred day simple moving average of $18.69.

PagerDuty (NYSE:PD) last posted its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The business had revenue of $121.45 million during the quarter, compared to analyst estimates of $119.53 million. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The company’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 earnings per share. On average, research analysts expect that PagerDuty, Inc. will post -0.27 earnings per share for the current year.

PagerDuty declared that its Board of Directors has authorized a share buyback program on Thursday, March 13th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 10.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Shelley Webb sold 7,879 shares of the company’s stock in a transaction on Monday, January 6th. The shares were 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 owns 199,122 shares in the company, valued at approximately $3,622,029.18. This represents a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the transaction, the chief executive officer now owns 868,311 shares of the company’s stock, valued at approximately $17,366,220. This represents a 0.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,048 shares of company stock worth $186,699 over the last three months. 7.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on PD shares. The Goldman Sachs Group decreased their price objective on shares of PagerDuty from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Friday. Royal Bank of Canada decreased their price objective on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a report on Friday. Canaccord Genuity Group decreased their price objective on shares of PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a report on Friday. Bank of America cut shares of PagerDuty from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $23.00 to $18.00 in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $21.00 price objective on shares of PagerDuty in a report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, PagerDuty has an average rating of “Hold” and an average price target of $20.73.

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.