The Goldman Sachs Group Issues Pessimistic Forecast for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its price objective reduced by The Goldman Sachs Group from $21.00 to $18.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 1.42% from the stock’s previous close.

PD has been the subject of several other reports. Royal Bank of Canada decreased their price objective on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday. 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. Bank of America downgraded shares of PagerDuty from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $23.00 to $18.00 in a research note on Thursday, January 30th. Canaccord Genuity Group decreased their price objective on shares of PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Friday. Finally, Truist Financial decreased their price objective on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. Two 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 presently has a consensus rating of “Hold” and a consensus target price of $20.73.

PagerDuty Trading Up 17.0 %

PD stock traded up $2.65 on Friday, hitting $18.26. 2,490,283 shares of the company were exchanged, compared to its average volume of 1,045,989. PagerDuty has a twelve month low of $15.49 and a twelve month high of $23.85. 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’s fifty day moving average is $18.24 and its two-hundred day moving average is $18.70. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -22.84 and a beta of 1.12.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $121.45 million during the quarter, compared to analyst estimates of $119.53 million. During the same quarter in the prior year, the business posted $0.17 earnings per share. PagerDuty’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, research analysts forecast that PagerDuty will post -0.27 earnings per share for the current year.

PagerDuty announced that its board has initiated a share repurchase program on Thursday, March 13th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at PagerDuty

In other news, CEO Jennifer Tejada sold 1,569 shares of PagerDuty stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total value 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 trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Shelley Webb sold 7,879 shares of PagerDuty stock in a transaction that occurred on 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 transaction, the insider now directly owns 199,122 shares in the company, 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. Insiders sold 10,048 shares of company stock valued at $186,699 over the last three months. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PagerDuty

A number of institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PagerDuty by 1.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company’s stock worth $930,000 after acquiring an additional 586 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of PagerDuty by 0.7% in 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 during the last quarter. Point72 Asset Management L.P. grew its stake 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 grew its stake in shares of PagerDuty by 98.3% in the third quarter. Quarry LP now owns 2,792 shares of the company’s stock worth $52,000 after acquiring an additional 1,384 shares during the last quarter. Finally, Fred Alger Management LLC grew its stake in shares of PagerDuty by 63.7% in the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock worth $76,000 after acquiring an additional 1,594 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

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.