PagerDuty (NYSE:PD) Given New $23.00 Price Target at Canaccord Genuity Group

PagerDuty (NYSE:PD) had its price target decreased by investment 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 target price indicates a potential upside of 27.20% from the stock’s current price.

PD has been the topic of a number of other research reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a research note on Wednesday, December 11th. Truist Financial lowered their target price on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Friday. Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $23.00 to $18.00 in a research note on Thursday, January 30th. Finally, Royal Bank of Canada decreased their price objective on PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a report on Friday. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $21.00.

PagerDuty Price Performance

PagerDuty stock traded up $2.47 during midday trading on Friday, hitting $18.08. 1,732,995 shares of the company’s stock were exchanged, compared to its average volume of 1,042,935. The company has a market cap of $1.63 billion, a P/E ratio of -22.61 and a beta of 1.12. 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 has a 52-week low of $15.49 and a 52-week high of $23.85. The stock has a 50-day moving average price of $18.24 and a two-hundred day moving average price of $18.70.

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

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

Insider Activity 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 directly 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 document filed with the SEC, which is available at this link. Also, insider Shelley Webb sold 7,879 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $18.19, for a total transaction of $143,319.01. Following the completion of the sale, the insider now directly owns 199,122 shares in the company, valued at approximately $3,622,029.18. This represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,048 shares of company stock valued at $186,699. 7.60% of the stock is owned by company insiders.

Institutional Trading of PagerDuty

Large investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC purchased a new stake in PagerDuty in the 4th quarter valued at about $43,000. Quarry LP raised its stake in shares of PagerDuty by 98.3% during the 3rd quarter. Quarry LP now owns 2,792 shares of the company’s stock worth $52,000 after acquiring an additional 1,384 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in PagerDuty in the fourth quarter valued at approximately $58,000. Fred Alger Management LLC grew its holdings in PagerDuty by 63.7% in the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock worth $76,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of PagerDuty during the fourth quarter worth $130,000. 97.26% of the stock is owned by hedge funds and other 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.