Truist Financial Cuts PagerDuty (NYSE:PD) Price Target to $26.00

PagerDuty (NYSE:PD) had its price objective cut by stock analysts at Truist Financial from $30.00 to $26.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 41.22% from the company’s previous close.

A number of other equities analysts have also weighed in on PD. Royal Bank of Canada reduced their price objective on PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday. Bank of America lowered PagerDuty from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $23.00 to $18.00 in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $21.00 price objective on shares of PagerDuty in a research note 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. Based on data from MarketBeat, PagerDuty has an average rating of “Hold” and an average target price of $20.73.

PagerDuty Stock Performance

Shares of PD stock opened at $18.41 on Friday. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -23.01 and a beta of 1.12. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. The business has a fifty day moving average of $18.24 and a 200 day moving average of $18.68. PagerDuty has a 1 year low of $15.49 and a 1 year high of $23.85.

PagerDuty (NYSE:PD) last issued 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. The company had revenue of $121.45 million during the quarter, compared to analyst estimates of $119.53 million. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business posted $0.17 EPS. As a group, research analysts expect that PagerDuty will post -0.27 earnings per share for the current year.

PagerDuty announced that its board has approved a share buyback plan on Thursday, March 13th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CEO Jennifer Tejada sold 1,569 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the sale, the chief executive officer now directly owns 868,311 shares in the company, valued at $17,366,220. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Shelley Webb sold 7,879 shares of PagerDuty 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 completion of the sale, the insider now owns 199,122 shares in the company, valued at approximately $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 have sold 10,048 shares of company stock worth $186,699 in the last ninety days. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On PagerDuty

Several institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its holdings in PagerDuty by 516.5% in the 4th quarter. Mackenzie Financial Corp now owns 111,356 shares of the company’s stock worth $2,033,000 after buying an additional 93,294 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in PagerDuty by 7.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 233,679 shares of the company’s stock worth $4,267,000 after buying an additional 15,221 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in PagerDuty in the 4th quarter worth about $6,734,000. Two Sigma Investments LP boosted its holdings in PagerDuty by 1,222.8% in the 4th quarter. Two Sigma Investments LP now owns 431,252 shares of the company’s stock worth $7,875,000 after buying an additional 398,650 shares during the last quarter. Finally, State of Wyoming boosted its holdings in PagerDuty by 49.6% in the 4th quarter. State of Wyoming now owns 22,271 shares of the company’s stock worth $407,000 after buying an additional 7,385 shares during the last quarter. 97.26% of the stock is currently 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.