5 Stocks to Sell According to Chase Coleman’s Tiger Global

3. PagerDuty, Inc. (NYSE:PD)

Number of Hedge Fund Holders: 26

PagerDuty, Inc. (NYSE:PD) is headquartered in San Francisco, California, running a digital operations management platform in the United States and internationally. Tiger Global owned a $5.2 million stake in PagerDuty, Inc. (NYSE:PD) in the fourth quarter of 2021, which it sold off completely in Q1 2022. 

On March 17, Craig-Hallum analyst Chad Bennett slashed the price target on PagerDuty, Inc. (NYSE:PD) to $45 from $52 given the compression in peer multiples, while maintaining a Buy rating on the shares. The analyst argued that PagerDuty, Inc. (NYSE:PD) is proving that its return of more than 30% growth in mid-2022 was not a result of lenient comps or a demand pull-forward. Rather, it is a sustainable level of growth for the company that puts it on a path towards $1 billion of annual recurring revenue.

In Q1 2022, Cathie Wood’s ARK Investment Management was the biggest shareholder of PagerDuty, Inc. (NYSE:PD), with 10.2 million shares worth $351 million. Overall, 26 hedge funds were bullish on the stock at the end of March 2022, with combined stakes of $673.8 million.