PagerDuty (NYSE:PD) Board of Directors Authorizes Stock Buyback Program

PagerDuty (NYSE:PD) declared that its Board of Directors has approved a share buyback plan on Thursday, March 13th, RTT News reports. The company plans to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PD shares. Royal Bank of Canada increased their price target on PagerDuty from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and cut their target price for the company from $23.00 to $18.00 in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $21.00 price target on shares of PagerDuty in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.64.

PagerDuty Price Performance

Shares of PagerDuty stock traded down $0.69 on Thursday, hitting $15.56. The company had a trading volume of 2,141,506 shares, compared to its average volume of 1,040,002. PagerDuty has a 52 week low of $15.50 and a 52 week 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 company has a market cap of $1.40 billion, a PE ratio of -19.45 and a beta of 1.12. The business has a 50-day simple moving average of $18.24 and a 200-day simple moving average of $18.70.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the firm earned $0.17 EPS. Research analysts expect that PagerDuty will post -0.27 EPS for the current fiscal year.

Insiders Place Their Bets

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 business’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 sale, the insider now directly owns 199,122 shares in the company, valued at $3,622,029.18. This trade represents a 3.81 % 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 worth $186,699. 7.60% of the stock is owned by corporate insiders.

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.