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

PagerDuty (NYSE:PD) had its price target dropped by analysts at Royal Bank of Canada from $24.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 19.49% from the company’s current price.

A number of other equities analysts have also recently commented on PD. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $21.00 price target 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 decreased their price target for the stock from $23.00 to $18.00 in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.73.

PagerDuty Stock Performance

Shares of PD opened at $18.41 on Friday. The company has a market cap of $1.66 billion, a PE ratio of -23.01 and a beta of 1.12. 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 moving average price of $18.24 and a 200-day moving average price of $18.68. PagerDuty has a 12-month low of $15.49 and a 12-month high of $23.85.

PagerDuty (NYSE:PD) last released 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. The company had revenue of $121.45 million during the quarter, compared to the consensus estimate of $119.53 million. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. PagerDuty’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS. As a group, equities analysts forecast that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its board has approved a stock buyback program on Thursday, March 13th that authorizes the company to repurchase $150.00 million in outstanding 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 management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Shelley Webb sold 7,879 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $18.19, for a total transaction of $143,319.01. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction 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 directly owns 868,311 shares in the company, valued at approximately $17,366,220. The trade was a 0.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,048 shares of company stock valued at $186,699. 7.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. RGM Capital LLC lifted its holdings in PagerDuty by 1.3% in the third 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 period. Janus Henderson Group PLC lifted its holdings in PagerDuty by 2.1% in the fourth quarter. Janus Henderson Group PLC now owns 3,056,795 shares of the company’s stock valued at $55,817,000 after acquiring an additional 61,456 shares during the period. Geode Capital Management LLC lifted 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 acquiring an additional 37,147 shares during the period. JPMorgan Chase & Co. lifted its holdings in PagerDuty by 285.8% in the third quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock valued at $23,444,000 after acquiring an additional 936,257 shares during the period. Finally, Barclays PLC lifted its holdings in PagerDuty by 2.0% in the fourth quarter. Barclays PLC now owns 918,762 shares of the company’s stock valued at $16,777,000 after acquiring an additional 17,642 shares during the period. 97.26% of the stock is owned by institutional investors.

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.