Canaccord Genuity Group Has Lowered Expectations for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its target price reduced by stock analysts at Canaccord Genuity Group from $24.00 to $23.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 27.20% from the company’s previous close.

A number of other equities research analysts have also issued reports on PD. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $21.00 price objective on shares of PagerDuty in a report on Wednesday, December 11th. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $23.00 to $18.00 in a research report on Thursday, January 30th. Truist Financial reduced their price objective on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. Finally, 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 note on Friday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, PagerDuty presently has a consensus rating of “Hold” and an average target price of $21.00.

PagerDuty Price Performance

Shares of PD stock traded up $2.47 on Friday, reaching $18.08. 1,732,995 shares of the company were exchanged, compared to its average volume of 1,042,935. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -22.61 and a beta of 1.12. PagerDuty has a 1 year low of $15.49 and a 1 year high of $23.85. The business has a 50-day moving average price of $18.24 and a 200 day moving average price of $18.70. The company has a debt-to-equity ratio of 3.52, a quick ratio of 1.97 and a current ratio of 1.97.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.16 by $0.06. The firm had revenue of $121.45 million during 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 in the previous year, the business earned $0.17 earnings per share. Equities research analysts forecast that PagerDuty will post -0.27 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, insider Shelley Webb sold 7,879 shares of the firm’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 value of $143,319.01. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jennifer Tejada sold 1,569 shares of PagerDuty stock in a transaction 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 transaction, the chief executive officer now owns 868,311 shares in the company, valued at $17,366,220. The trade was a 0.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,048 shares of company stock worth $186,699. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PagerDuty

A number of institutional investors have recently modified their holdings of PD. Venturi Wealth Management LLC acquired a new stake in PagerDuty during the fourth quarter valued at approximately $43,000. Quarry LP increased its holdings in shares of PagerDuty by 98.3% in the 3rd quarter. Quarry LP now owns 2,792 shares of the company’s stock valued at $52,000 after acquiring an additional 1,384 shares during the last quarter. Picton Mahoney Asset Management bought a new position in PagerDuty during the fourth quarter worth $58,000. Fred Alger Management LLC grew its holdings in PagerDuty by 63.7% in the 3rd quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock worth $76,000 after buying an additional 1,594 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in PagerDuty during the 4th quarter valued at $130,000. 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.