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

PagerDuty (NYSE:PD) had its target price lowered by equities research analysts at Canaccord Genuity Group from $24.00 to $23.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 24.93% from the stock’s current price.

A number of other research firms have also recently weighed in on PD. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $21.00 price target on shares of PagerDuty in a report on Wednesday, December 11th. Royal Bank of Canada cut their price target on PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a report on Friday. Truist Financial lowered their price objective on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Friday. Finally, Bank of America downgraded PagerDuty from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $23.00 to $18.00 in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.73.

PagerDuty Stock Performance

Shares of PD stock opened at $18.41 on Friday. The stock has a fifty day moving average price of $18.24 and a 200 day moving average price of $18.68. The stock has a market cap of $1.66 billion, a PE ratio of -23.01 and a beta of 1.12. PagerDuty has a 1 year low of $15.49 and a 1 year high of $23.85. 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 released its quarterly 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. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The company had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. During the same period in the previous year, the firm 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 forecast that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 13th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy up to 10.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at PagerDuty

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the company’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 transaction of $31,380.00. Following the sale, the chief executive officer now owns 868,311 shares in the company, valued at $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Shelley Webb sold 7,879 shares of the company’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 owns 199,122 shares in the company, valued at $3,622,029.18. The trade was a 3.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,048 shares of company stock worth $186,699 over the last quarter. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PagerDuty

Several institutional investors have recently made changes to their positions in PD. JPMorgan Chase & Co. grew its holdings in shares of PagerDuty by 285.8% during the third 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. Marshall Wace LLP grew its holdings in shares of PagerDuty by 989.0% during the fourth quarter. Marshall Wace LLP now owns 721,953 shares of the company’s stock valued at $13,183,000 after purchasing an additional 655,655 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of PagerDuty by 1,222.8% during the fourth quarter. Two Sigma Investments LP now owns 431,252 shares of the company’s stock valued at $7,875,000 after purchasing an additional 398,650 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of PagerDuty during the fourth quarter valued at approximately $6,734,000. Finally, Raymond James Financial Inc. bought a new position in shares of PagerDuty during the fourth quarter valued at approximately $6,574,000. 97.26% of the stock is owned by institutional investors.

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.