Bank of America Cuts PagerDuty (NYSE:PD) Price Target to $23.00

PagerDuty (NYSE:PD) had its target price trimmed by Bank of America from $28.00 to $23.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of PagerDuty in a report on Thursday, July 18th. They issued a neutral rating and a $24.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on PagerDuty in a research note on Thursday, June 27th. They issued a neutral rating and a $24.00 price target on the stock. Craig Hallum upgraded PagerDuty from a hold rating to a buy rating and upped their price objective for the company from $21.00 to $30.00 in a research report on Wednesday, June 12th. Morgan Stanley dropped their target price on PagerDuty from $24.00 to $19.00 and set an equal weight rating on the stock in a research report on Wednesday. Finally, Scotiabank assumed coverage on PagerDuty in a research note on Friday, June 28th. They set a sector perform rating and a $23.00 price target for the company. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $21.91.

PagerDuty Price Performance

Shares of NYSE PD opened at $17.78 on Wednesday. The company has a 50 day moving average of $20.18 and a 200 day moving average of $21.07. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 2.58. PagerDuty has a twelve month low of $16.46 and a twelve month high of $26.70. The firm has a market cap of $1.70 billion, a P/E ratio of -17.60 and a beta of 1.05.

PagerDuty (NYSE:PD) last issued its earnings results on Tuesday, September 3rd. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. The business had revenue of $115.94 million during the quarter, compared to analyst estimates of $116.52 million. PagerDuty had a negative return on equity of 28.38% and a negative net margin of 21.34%. PagerDuty’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.18) EPS. As a group, research analysts expect that PagerDuty will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling

In other PagerDuty news, CEO Jennifer Tejada sold 18,750 shares of PagerDuty stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $20.09, for a total transaction of $376,687.50. Following the transaction, the chief executive officer now owns 1,010,861 shares of the company’s stock, valued at $20,308,197.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other PagerDuty news, CEO Jennifer Tejada sold 18,750 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $20.09, for a total value of $376,687.50. Following the completion of the sale, the chief executive officer now owns 1,010,861 shares in the company, valued at approximately $20,308,197.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Shelley Webb sold 5,732 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $21.98, for a total value of $125,989.36. Following the completion of the transaction, the insider now owns 235,657 shares in the company, valued at $5,179,740.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,244 shares of company stock valued at $2,316,980. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PagerDuty

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP grew its stake in PagerDuty by 1,537.2% during the second quarter. Quarry LP now owns 1,408 shares of the company’s stock valued at $32,000 after acquiring an additional 1,322 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of PagerDuty by 28.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company’s stock valued at $53,000 after purchasing an additional 508 shares during the last quarter. Fred Alger Management LLC grew its position in shares of PagerDuty by 170.6% during the second quarter. Fred Alger Management LLC now owns 2,503 shares of the company’s stock valued at $57,000 after purchasing an additional 1,578 shares in the last quarter. Cambridge Trust Co. bought a new stake in shares of PagerDuty in the first quarter worth about $68,000. Finally, Headlands Technologies LLC purchased a new stake in shares of PagerDuty in the second quarter worth about $114,000. Institutional investors own 97.26% of the company’s stock.

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.