Canaccord Genuity Group Cuts PagerDuty (NYSE:PD) Price Target to $23.00

PagerDuty (NYSE:PD) had its price objective cut by Canaccord Genuity Group from $24.00 to $23.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

PD has been the topic of a number of other reports. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $23.00 to $18.00 in a report on Thursday, January 30th. Royal Bank of Canada reduced their target price on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $21.00 price target on shares of PagerDuty in a report on Wednesday, December 11th. Finally, Truist Financial reduced their price objective on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a report 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.73.

PagerDuty Trading Up 17.9 %

Shares of NYSE PD 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 stock has a market capitalization of $1.66 billion, a PE 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. The stock has a fifty day simple moving average of $18.24 and a 200-day simple moving average of $18.67.

PagerDuty (NYSE:PD) last released its earnings results on Thursday, March 13th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate 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 revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 EPS. On average, equities analysts forecast that PagerDuty will post -0.27 earnings per share for the current year.

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

Insider Activity

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total value of $31,380.00. Following the completion of the sale, the chief executive officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Shelley Webb sold 7,879 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were 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 $3,622,029.18. The trade was a 3.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,048 shares of company stock valued at $186,699. Insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PD. Venturi Wealth Management LLC acquired a new stake in shares of PagerDuty during the fourth quarter worth about $43,000. Quarry LP lifted its position in PagerDuty by 98.3% during the 3rd 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 period. Picton Mahoney Asset Management acquired a new stake in PagerDuty during the 4th quarter worth approximately $58,000. Fred Alger Management LLC grew its stake in shares of PagerDuty by 63.7% in 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. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of PagerDuty in the fourth quarter valued at approximately $130,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.