PagerDuty (NYSE:PD) Price Target Cut to $22.00 by Analysts at Royal Bank of Canada

PagerDuty (NYSE:PD) had its target price lowered by Royal Bank of Canada from $24.00 to $22.00 in a research note issued to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities research analysts have also commented on the company. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $21.00 price target on shares of PagerDuty in a research report on Wednesday, December 11th. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and reduced their target price for the company from $23.00 to $18.00 in a report on Thursday, January 30th. Two 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.73.

PagerDuty Stock Performance

PagerDuty stock opened at $18.41 on Friday. The business has a 50 day moving average of $18.24 and a 200-day moving average of $18.67. The company has a market capitalization of $1.66 billion, a P/E 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 current ratio of 1.97 and a quick ratio of 1.97.

PagerDuty (NYSE:PD) last announced 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 firm had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The company’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. On average, equities research analysts predict that PagerDuty will post -0.27 earnings per share for the current year.

PagerDuty announced that its board has authorized a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jennifer Tejada sold 1,569 shares of the business’s stock in a transaction dated 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 directly owns 868,311 shares of the company’s stock, valued at $17,366,220. The trade was a 0.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Shelley Webb sold 7,879 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 199,122 shares in the company, valued at approximately $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 a total of 10,048 shares of company stock valued at $186,699 over the last ninety days. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PagerDuty

A number of institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in 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 period. Marshall Wace LLP lifted its stake in shares of PagerDuty by 989.0% in the fourth quarter. Marshall Wace LLP now owns 721,953 shares of the company’s stock valued at $13,183,000 after buying an additional 655,655 shares in the last quarter. Two Sigma Investments LP increased its position 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 worth $7,875,000 after acquiring an additional 398,650 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in shares of PagerDuty in the 4th quarter worth about $6,734,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of PagerDuty in the 4th quarter worth about $6,574,000. 97.26% of the stock is 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.