PagerDuty (NYSE:PD) Price Target Cut to $23.00 by Analysts at Canaccord Genuity Group

PagerDuty (NYSE:PD) had its price target reduced by Canaccord Genuity Group from $24.00 to $23.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently commented on PD. Royal Bank of Canada decreased their price objective on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday. Bank of America lowered 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. Truist Financial dropped their price objective on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.73.

PagerDuty Stock Performance

Shares of PD stock opened at $18.41 on Friday. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. The stock has a 50 day simple moving average of $18.24 and a 200-day simple moving average of $18.67. The company has a market cap of $1.66 billion, a price-to-earnings ratio of -23.01 and a beta of 1.12. PagerDuty has a 12-month low of $15.49 and a 12-month high of $23.85.

PagerDuty (NYSE:PD) last released its quarterly earnings data on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.06. The firm had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. PagerDuty’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. On average, equities analysts forecast that PagerDuty will post -0.27 EPS for the current year.

PagerDuty announced that its board has approved a share repurchase plan on Thursday, March 13th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 10.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total transaction of $31,380.00. Following the transaction, the chief executive officer now owns 868,311 shares of the company’s stock, valued at $17,366,220. This represents a 0.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Shelley Webb sold 7,879 shares of PagerDuty stock in a transaction on Monday, January 6th. The shares were 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 directly owns 199,122 shares of the company’s stock, valued at approximately $3,622,029.18. This represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,048 shares of company stock worth $186,699. 7.60% of the stock is owned by corporate insiders.

Institutional Trading of PagerDuty

A number of hedge funds have recently added to or reduced their stakes in the business. RGM Capital LLC increased its stake in shares of PagerDuty by 1.3% during the 3rd quarter. RGM Capital LLC now owns 4,564,296 shares of the company’s stock valued at $84,668,000 after acquiring an additional 59,902 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of PagerDuty by 2.1% in the fourth quarter. Janus Henderson Group PLC now owns 3,056,795 shares of the company’s stock worth $55,817,000 after acquiring an additional 61,456 shares during the last quarter. Geode Capital Management LLC grew its holdings in PagerDuty by 1.8% in the third quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company’s stock valued at $39,915,000 after purchasing an additional 37,147 shares during the period. JPMorgan Chase & Co. raised its stake in PagerDuty by 285.8% during the third quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock worth $23,444,000 after purchasing an additional 936,257 shares during the period. Finally, Barclays PLC raised its stake in PagerDuty by 2.0% during the fourth quarter. Barclays PLC now owns 918,762 shares of the company’s stock worth $16,777,000 after purchasing an additional 17,642 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

PagerDuty Company Profile

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.