Royal Bank of Canada Cuts PagerDuty (NYSE:PD) Price Target to $22.00

PagerDuty (NYSE:PD) had its price objective trimmed by Royal Bank of Canada from $24.00 to $22.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

PD has been the subject of several other reports. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $21.00 target price on shares of PagerDuty in a research note on Wednesday, December 11th. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and cut their price objective for the company from $23.00 to $18.00 in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.73.

PagerDuty Stock Up 17.9 %

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

PagerDuty (NYSE:PD) last issued its earnings results on Thursday, March 13th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The business had revenue of $121.45 million for the quarter, compared to the consensus estimate of $119.53 million. During the same period in the previous year, the company earned $0.17 earnings per share. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. Analysts anticipate that PagerDuty will post -0.27 EPS for the current fiscal year.

PagerDuty announced that its board has authorized a stock buyback program on Thursday, March 13th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 10.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at PagerDuty

In related news, CEO Jennifer Tejada sold 1,569 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the transaction, the chief executive officer now directly owns 868,311 shares of the company’s stock, valued at approximately $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shelley Webb sold 7,879 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $18.19, for a total transaction 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 $3,622,029.18. This represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,048 shares of company stock worth $186,699 in the last ninety days. 7.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of PagerDuty by 1.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company’s stock worth $930,000 after buying an additional 586 shares in the last quarter. Alliancebernstein L.P. raised its stake in PagerDuty by 0.7% during the fourth quarter. Alliancebernstein L.P. now owns 92,621 shares of the company’s stock worth $1,691,000 after acquiring an additional 674 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of PagerDuty by 1.4% in the third quarter. Point72 Asset Management L.P. now owns 58,377 shares of the company’s stock worth $1,083,000 after acquiring an additional 819 shares during the last quarter. Quarry LP boosted its stake in shares of PagerDuty by 98.3% in the 3rd quarter. Quarry LP now owns 2,792 shares of the company’s stock valued at $52,000 after purchasing an additional 1,384 shares in the last quarter. Finally, Fred Alger Management LLC grew its holdings in shares of PagerDuty by 63.7% during the 3rd quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock valued at $76,000 after purchasing an additional 1,594 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

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.