PagerDuty (NYSE:PD) Given New $23.00 Price Target at Canaccord Genuity Group

PagerDuty (NYSE:PD) had its price objective lowered by Canaccord Genuity Group from $24.00 to $23.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently commented on PD. Truist Financial lowered their target price on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and lowered their target price for the company from $23.00 to $18.00 in a research report on Thursday, January 30th. Royal Bank of Canada lowered their target price on PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $21.00 target price on shares of PagerDuty in a research report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, PagerDuty has a consensus rating of “Hold” and a consensus target price of $20.73.

PagerDuty Stock Up 17.9 %

Shares of PagerDuty 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 business’s 50 day simple moving average is $18.24 and its 200-day simple moving average is $18.69. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -23.01 and a beta of 1.12. PagerDuty has a twelve month low of $15.49 and a twelve month high of $23.85.

PagerDuty (NYSE:PD) last announced its quarterly 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. The business had revenue of $121.45 million for 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%. The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 EPS. Equities research analysts forecast that PagerDuty will post -0.27 earnings per share for the current year.

PagerDuty declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 13th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board 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 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 completion of the sale, the chief executive officer now directly owns 868,311 shares of the company’s stock, 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 SEC, which is available through this link. Also, insider Shelley Webb sold 7,879 shares of the firm’s stock in a transaction on 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 directly owns 199,122 shares of the company’s stock, valued at approximately $3,622,029.18. This trade represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,048 shares of company stock worth $186,699. 7.60% of the stock is owned by company insiders.

Institutional Trading of PagerDuty

Several hedge funds and other institutional investors have recently modified their holdings of PD. JPMorgan Chase & Co. boosted its position in shares of PagerDuty by 285.8% in the third quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock worth $23,444,000 after buying an additional 936,257 shares during the period. Marshall Wace LLP boosted its position in PagerDuty by 989.0% during the fourth quarter. Marshall Wace LLP now owns 721,953 shares of the company’s stock valued at $13,183,000 after purchasing an additional 655,655 shares during the last quarter. Two Sigma Investments LP boosted its position in PagerDuty by 1,222.8% during the fourth quarter. Two Sigma Investments LP now owns 431,252 shares of the company’s stock valued at $7,875,000 after purchasing an additional 398,650 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in PagerDuty during the fourth quarter valued at $6,734,000. Finally, Raymond James Financial Inc. acquired a new stake in PagerDuty during the fourth quarter valued at $6,574,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.