Royal Bank of Canada Cuts PagerDuty (NYSE:PD) Price Target to $22.00

PagerDuty (NYSE:PD) had its target price cut by Royal Bank of Canada from $27.00 to $22.00 in a report published on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently issued reports on PD. Bank of America cut their price objective on PagerDuty from $28.00 to $23.00 and set a buy rating on the stock in a research note on Wednesday. Craig Hallum lowered their target price on PagerDuty from $30.00 to $26.00 and set a buy rating for the company in a report on Wednesday. Canaccord Genuity Group lowered their target price on PagerDuty from $27.00 to $26.00 and set a buy rating for the company in a report on Friday, May 31st. The Goldman Sachs Group initiated coverage on PagerDuty in a report on Thursday, July 18th. They set a neutral rating and a $24.00 target price for the company. Finally, Robert W. Baird lowered their target price on PagerDuty from $22.00 to $18.00 and set a neutral rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $21.91.

PagerDuty Price Performance

PD stock opened at $17.78 on Wednesday. The stock has a 50-day moving average price of $20.18 and a two-hundred day moving average price of $21.07. The company has a market cap of $1.70 billion, a PE ratio of -17.60 and a beta of 1.05. PagerDuty has a 12-month low of $16.46 and a 12-month high of $26.70. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 2.58.

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

Insider Buying and Selling

In other PagerDuty news, CEO Jennifer Tejada sold 31,250 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $21.07, for a total transaction of $658,437.50. Following the completion of the transaction, the chief executive officer now directly owns 1,023,579 shares of the company’s stock, valued at approximately $21,566,809.53. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other PagerDuty news, CFO Howard Wilson sold 12,108 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $20.49, for a total transaction of $248,092.92. Following the completion of the transaction, the chief financial officer now directly owns 594,202 shares of the company’s stock, valued at approximately $12,175,198.98. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jennifer Tejada sold 31,250 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $21.07, for a total value of $658,437.50. Following the sale, the chief executive officer now owns 1,023,579 shares of the company’s stock, valued at approximately $21,566,809.53. The disclosure for this sale can be found here. Insiders sold 110,244 shares of company stock valued at $2,316,980 in the last three months. 7.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PagerDuty

Institutional investors and hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of PagerDuty during the 4th quarter valued at $4,630,000. Massachusetts Financial Services Co. MA lifted its position in shares of PagerDuty by 50.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,160,281 shares of the company’s stock valued at $50,011,000 after acquiring an additional 728,152 shares during the last quarter. Natixis Advisors L.P. lifted its holdings in shares of PagerDuty by 13.9% in the fourth quarter. Natixis Advisors L.P. now owns 13,541 shares of the company’s stock valued at $313,000 after purchasing an additional 1,650 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. lifted its holdings in shares of PagerDuty by 13.9% in the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 655,000 shares of the company’s stock valued at $15,163,000 after purchasing an additional 80,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of PagerDuty by 65.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,285,588 shares of the company’s stock valued at $52,911,000 after purchasing an additional 904,136 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.