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

PagerDuty (NYSE:PD) had its target price reduced by Canaccord Genuity Group from $24.00 to $23.00 in a research report released on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. restated an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a report on Wednesday, December 11th. Royal Bank of Canada cut their target price on PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday. Truist Financial cut their target price on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Friday. Finally, Bank of America lowered 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 report on Thursday, January 30th. Two investment 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’s stock. Based on data from MarketBeat.com, PagerDuty presently has a consensus rating of “Hold” and an average price target of $20.73.

PagerDuty Price Performance

PD opened at $18.41 on Friday. The stock has a market cap of $1.66 billion, a price-to-earnings 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 current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. The stock has a fifty day moving average price of $18.24 and a 200 day moving average price of $18.69.

PagerDuty (NYSE:PD) last posted 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. 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 for the quarter, compared to analyst estimates of $119.53 million. During the same period last year, the company earned $0.17 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year. Analysts forecast that PagerDuty will post -0.27 EPS for the current fiscal year.

PagerDuty announced that its board has authorized a share repurchase program on Thursday, March 13th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Shelley Webb sold 7,879 shares of PagerDuty stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $18.19, for a total transaction of $143,319.01. Following the sale, the insider now directly owns 199,122 shares of the company’s stock, valued at $3,622,029.18. This trade represents a 3.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jennifer Tejada sold 1,569 shares of PagerDuty 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 sale, the chief executive officer now directly owns 868,311 shares in the company, valued at approximately $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. 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 three months. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PagerDuty

A number of institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its holdings in PagerDuty by 516.5% during the fourth quarter. Mackenzie Financial Corp now owns 111,356 shares of the company’s stock valued at $2,033,000 after purchasing an additional 93,294 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in PagerDuty by 7.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 233,679 shares of the company’s stock valued at $4,267,000 after purchasing an additional 15,221 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in PagerDuty during the fourth quarter valued at approximately $6,734,000. Two Sigma Investments LP boosted its holdings in 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 in the last quarter. Finally, State of Wyoming boosted its holdings in PagerDuty by 49.6% during the fourth quarter. State of Wyoming now owns 22,271 shares of the company’s stock valued at $407,000 after purchasing an additional 7,385 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.