Canaccord Genuity Group Cuts PagerDuty (NYSE:PD) Price Target to $24.00

PagerDuty (NYSE:PD) had its target price decreased by Canaccord Genuity Group from $26.00 to $24.00 in a research report report published on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Craig Hallum dropped their price target on shares of PagerDuty from $30.00 to $26.00 and set a buy rating on the stock in a research note on Wednesday. Scotiabank dropped their price target on shares of PagerDuty from $23.00 to $18.00 and set a sector perform rating on the stock in a research note on Wednesday. Robert W. Baird dropped their price target on shares of PagerDuty from $22.00 to $18.00 and set a neutral rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. assumed coverage on shares of PagerDuty in a research note on Thursday, June 27th. They set a neutral rating and a $24.00 price target on the stock. Finally, TD Cowen decreased their price objective on shares of PagerDuty from $23.00 to $19.00 and set a hold rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $21.91.

PagerDuty Trading Down 4.5 %

PD stock opened at $17.78 on Wednesday. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 2.58. The business’s 50-day moving average is $20.08 and its 200 day moving average is $21.01. PagerDuty has a 12-month low of $16.46 and a 12-month high of $26.70. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -17.60 and a beta of 1.05.

PagerDuty (NYSE:PD) last announced its earnings results on Tuesday, September 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The company had revenue of $115.94 million for 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%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.18) earnings per share. On average, sell-side analysts anticipate that PagerDuty will post -0.44 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jennifer Tejada sold 18,750 shares of PagerDuty stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $20.09, for a total value of $376,687.50. Following the sale, the chief executive officer now directly owns 1,010,861 shares in the company, valued at approximately $20,308,197.49. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Jennifer Tejada sold 18,750 shares of PagerDuty stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $20.09, for a total value of $376,687.50. Following the sale, the chief executive officer now directly owns 1,010,861 shares in the company, valued at approximately $20,308,197.49. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Shelley Webb sold 5,732 shares of PagerDuty stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $21.98, for a total transaction of $125,989.36. Following the completion of the sale, 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 three months, insiders sold 110,244 shares of company stock valued at $2,316,980. Company insiders own 7.60% of the company’s stock.

Institutional Trading of PagerDuty

A number of hedge funds and other institutional investors have recently made changes to their positions in PD. ARK Investment Management LLC raised its holdings in shares of PagerDuty by 12.5% in the 2nd quarter. ARK Investment Management LLC now owns 10,604,295 shares of the company’s stock worth $243,156,000 after purchasing an additional 1,180,202 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of PagerDuty by 65.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,285,588 shares of the company’s stock worth $52,911,000 after purchasing an additional 904,136 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of PagerDuty by 50.8% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,160,281 shares of the company’s stock worth $50,011,000 after purchasing an additional 728,152 shares in the last quarter. Norges Bank bought a new stake in shares of PagerDuty in the 4th quarter worth approximately $15,912,000. Finally, SpiderRock Advisors LLC bought a new stake in shares of PagerDuty in the 1st quarter worth approximately $11,083,000. 97.26% of the stock is currently owned by institutional investors.

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.