M&T Bank Corp Reduces Stock Position in PagerDuty, Inc. (NYSE:PD)

M&T Bank Corp cut its holdings in PagerDuty, Inc. (NYSE:PD) by 49.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,900 shares of the company’s stock after selling 50,678 shares during the period. M&T Bank Corp owned about 0.06% of PagerDuty worth $962,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PD. Quarry LP increased its stake in PagerDuty by 1,537.2% during the second quarter. Quarry LP now owns 1,408 shares of the company’s stock worth $32,000 after acquiring an additional 1,322 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of PagerDuty by 28.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company’s stock valued at $53,000 after purchasing an additional 508 shares during the last quarter. Fred Alger Management LLC raised its holdings in PagerDuty by 170.6% during the 2nd quarter. Fred Alger Management LLC now owns 2,503 shares of the company’s stock valued at $57,000 after buying an additional 1,578 shares during the period. Headlands Technologies LLC bought a new stake in PagerDuty in the second quarter worth $114,000. Finally, Point72 DIFC Ltd purchased a new position in PagerDuty during the third quarter worth $163,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PD has been the topic of several recent analyst reports. Royal Bank of Canada increased their target price on shares of PagerDuty from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Craig Hallum decreased their price objective on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Bank of America dropped their target price on PagerDuty from $28.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $21.00 price target on shares of PagerDuty in a report on Wednesday, December 11th. Finally, Canaccord Genuity Group dropped their price objective on PagerDuty from $26.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $22.09.

PagerDuty Stock Performance

PD opened at $20.18 on Monday. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. PagerDuty, Inc. has a 12-month low of $16.46 and a 12-month high of $26.70. The business’s fifty day simple moving average is $19.43 and its 200-day simple moving average is $19.64.

Insiders Place Their Bets

In other news, insider Shelley Webb sold 6,246 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $18.12, for a total value of $113,177.52. Following the completion of the transaction, the insider now directly owns 216,572 shares of the company’s stock, valued at approximately $3,924,284.64. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mitra Rezvan sold 2,942 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $18.06, for a total value of $53,132.52. Following the sale, the chief accounting officer now directly owns 108,449 shares in the company, valued at approximately $1,958,588.94. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,396 shares of company stock worth $1,733,561 in the last three months. Corporate insiders own 7.60% of the company’s stock.

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.