Scalar Gauge Management LLC Takes Position in PagerDuty, Inc. (NYSE:PD)

Scalar Gauge Management LLC purchased a new position in PagerDuty, Inc. (NYSE:PD) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 328,200 shares of the company’s stock, valued at approximately $5,993,000. PagerDuty comprises 2.8% of Scalar Gauge Management LLC’s investment portfolio, making the stock its 15th largest position. Scalar Gauge Management LLC owned 0.36% of PagerDuty at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in PagerDuty in the 4th quarter worth about $43,000. Quarry LP boosted its position in shares of PagerDuty by 98.3% during the third quarter. Quarry LP now owns 2,792 shares of the company’s stock worth $52,000 after buying an additional 1,384 shares during the period. Picton Mahoney Asset Management bought a new position in PagerDuty in the 4th quarter worth approximately $58,000. Fred Alger Management LLC increased its position in PagerDuty by 63.7% in the 3rd quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock valued at $76,000 after acquiring an additional 1,594 shares during the period. Finally, Vinva Investment Management Ltd acquired a new stake in PagerDuty in the 4th quarter valued at approximately $139,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

PagerDuty Price Performance

NYSE PD opened at $18.78 on Monday. The stock has a market capitalization of $1.71 billion, a P/E ratio of -23.47 and a beta of 1.12. The company has a debt-to-equity ratio of 3.52, a quick ratio of 1.97 and a current ratio of 1.97. The business’s fifty day moving average is $18.44 and its two-hundred day moving average is $18.70. PagerDuty, Inc. has a 1 year low of $15.49 and a 1 year high of $23.40.

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

PagerDuty announced that its board has initiated a share repurchase program on Thursday, March 13th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PD shares. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $23.00 to $18.00 in a research note on Thursday, January 30th. Royal Bank of Canada decreased their target price on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 14th. Canaccord Genuity Group dropped their price target on shares of PagerDuty from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. 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, March 14th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.73.

Insiders Place Their Bets

In related news, CEO Jennifer Tejada sold 1,569 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total value of $31,380.00. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shelley Webb sold 7,879 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $18.19, for a total value of $143,319.01. Following the sale, the insider now owns 199,122 shares of the company’s stock, valued at $3,622,029.18. The trade was a 3.81 % decrease in their ownership of the stock. 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 ninety days. 7.60% of the stock is currently owned by company insiders.

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.