The Goldman Sachs Group Cuts PagerDuty (NYSE:PD) Price Target to $18.00

PagerDuty (NYSE:PD) had its price target cut by The Goldman Sachs Group from $21.00 to $18.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently issued reports on PD. 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. JPMorgan Chase & Co. reissued an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a research note on Wednesday, December 11th. Truist Financial reduced their price target on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. Royal Bank of Canada dropped their target price on PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Canaccord Genuity Group lowered their price target on PagerDuty from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday. Two 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 data from MarketBeat.com, PagerDuty currently has a consensus rating of “Hold” and a consensus price target of $20.73.

PagerDuty Trading Up 17.9 %

Shares of NYSE:PD opened at $18.41 on Friday. 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 company’s 50-day moving average price is $18.24 and its 200 day moving average price is $18.67. The company has a market cap of $1.66 billion, a PE ratio of -23.01 and a beta of 1.12. PagerDuty has a fifty-two week low of $15.49 and a fifty-two week high of $23.85.

PagerDuty (NYSE:PD) last released its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The company 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%. During the same quarter in the previous year, the company posted $0.17 earnings per share. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. Sell-side analysts anticipate that PagerDuty will post -0.27 earnings per share for the current year.

PagerDuty declared that its board has approved a share repurchase program on Thursday, March 13th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to reacquire up to 10.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Shelley Webb sold 7,879 shares of the business’s 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 transaction, the insider now directly owns 199,122 shares of the company’s stock, valued at approximately $3,622,029.18. The trade was a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the completion of the transaction, the chief executive officer now owns 868,311 shares in the company, valued at approximately $17,366,220. This represents a 0.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,048 shares of company stock worth $186,699. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. RGM Capital LLC raised its position in PagerDuty by 1.3% during 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 in the last quarter. Janus Henderson Group PLC increased its stake in shares of PagerDuty by 2.1% during the 4th quarter. Janus Henderson Group PLC now owns 3,056,795 shares of the company’s stock worth $55,817,000 after purchasing an additional 61,456 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of PagerDuty by 1.8% during the 3rd 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of PagerDuty by 285.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock valued at $23,444,000 after purchasing an additional 936,257 shares during the last quarter. Finally, Barclays PLC boosted its holdings in PagerDuty by 2.0% in 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 in the last quarter. Hedge funds and other institutional investors 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.