PagerDuty (NYSE:PD) Price Target Cut to $23.00

PagerDuty (NYSE:PD) had its price target cut by stock analysts at Bank of America from $28.00 to $23.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 23.66% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Craig Hallum upgraded PagerDuty from a “hold” rating to a “buy” rating and lifted their target price for the company from $21.00 to $30.00 in a research report on Wednesday, June 12th. Scotiabank started coverage on PagerDuty in a research report on Friday, June 28th. They issued a “sector perform” rating and a $23.00 target price on the stock. JPMorgan Chase & Co. started coverage on PagerDuty in a research report on Thursday, June 27th. They issued a “neutral” rating and a $24.00 target price on the stock. The Goldman Sachs Group started coverage on PagerDuty in a research report on Thursday, July 18th. They issued a “neutral” rating and a $24.00 target price on the stock. Finally, Canaccord Genuity Group decreased their target price on PagerDuty from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.91.

PagerDuty Stock Up 2.9 %

Shares of NYSE PD opened at $18.60 on Wednesday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.59 and a current ratio of 2.59. PagerDuty has a 52 week low of $16.46 and a 52 week high of $26.70. The stock has a market capitalization of $1.78 billion, a P/E ratio of -18.42 and a beta of 1.05. The stock’s fifty day moving average is $20.26 and its 200 day moving average is $21.09.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. PagerDuty had a negative return on equity of 28.38% and a negative net margin of 21.34%. The company had revenue of $115.94 million for the quarter, compared to analysts’ expectations of $116.52 million. During the same quarter last year, the business earned ($0.18) earnings per share. PagerDuty’s revenue was up 7.7% on a year-over-year basis. Sell-side analysts forecast that PagerDuty will post -0.44 earnings per share for the current fiscal year.

Insider Transactions at PagerDuty

In other news, insider Shelley Webb sold 5,732 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $21.98, for a total transaction of $125,989.36. Following the sale, the insider now directly owns 235,657 shares in the company, valued at $5,179,740.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Jennifer Tejada sold 2,000 shares of PagerDuty stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $22.00, for a total value of $44,000.00. Following the transaction, the chief executive officer now directly owns 1,015,637 shares of the company’s stock, valued at $22,344,014. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Shelley Webb sold 5,732 shares of PagerDuty stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $21.98, for a total value of $125,989.36. Following the completion of the transaction, the insider now directly owns 235,657 shares in the company, valued at $5,179,740.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,244 shares of company stock worth $2,316,980. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On PagerDuty

A number of hedge funds and other institutional investors have recently made changes to their positions in PD. New York State Common Retirement Fund lifted its stake in shares of PagerDuty by 1.5% in the fourth quarter. New York State Common Retirement Fund now owns 36,356 shares of the company’s stock worth $842,000 after acquiring an additional 532 shares during the period. Natixis Advisors L.P. lifted its stake in PagerDuty by 13.9% in the fourth quarter. Natixis Advisors L.P. now owns 13,541 shares of the company’s stock valued at $313,000 after buying an additional 1,650 shares during the period. M&T Bank Corp lifted its stake in PagerDuty by 64.7% in the fourth quarter. M&T Bank Corp now owns 92,207 shares of the company’s stock valued at $2,135,000 after buying an additional 36,220 shares during the period. Axxcess Wealth Management LLC lifted its stake in PagerDuty by 12.8% in the fourth quarter. Axxcess Wealth Management LLC now owns 10,354 shares of the company’s stock valued at $240,000 after buying an additional 1,178 shares during the period. Finally, Private Advisor Group LLC acquired a new position in PagerDuty in the fourth quarter valued at approximately $319,000. 97.26% of the stock is owned by institutional investors and hedge funds.

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.