Morgan Stanley Cuts PagerDuty (NYSE:PD) Price Target to $19.00

PagerDuty (NYSE:PD) had its target price decreased by Morgan Stanley from $24.00 to $19.00 in a research report released on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other analysts also recently commented on PD. The Goldman Sachs Group initiated coverage on shares of PagerDuty in a report on Thursday, July 18th. They issued a neutral rating and a $24.00 target price for the company. Scotiabank initiated coverage on shares of PagerDuty in a report on Friday, June 28th. They issued a sector perform rating and a $23.00 target price for the company. Craig Hallum upgraded shares of PagerDuty from a hold rating to a buy rating and increased their target price for the company from $21.00 to $30.00 in a report on Wednesday, June 12th. JPMorgan Chase & Co. began coverage on shares of PagerDuty in a report on Thursday, June 27th. They set a neutral rating and a $24.00 price objective for the company. Finally, Canaccord Genuity Group decreased their price objective on shares of PagerDuty from $27.00 to $26.00 and set a buy rating for the company in a report on Friday, May 31st. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $21.91.

PagerDuty Stock Down 4.5 %

PagerDuty stock opened at $17.78 on Wednesday. PagerDuty has a 1-year low of $16.46 and a 1-year high of $26.70. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -17.60 and a beta of 1.05. The firm’s fifty day moving average price is $20.08 and its two-hundred day moving average price is $21.01. 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 released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The firm had revenue of $115.94 million for the quarter, compared to analyst estimates of $116.52 million. PagerDuty had a negative net margin of 21.34% and a negative return on equity of 28.38%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.18) earnings per share. On average, equities research analysts predict that PagerDuty will post -0.44 earnings per share for the current fiscal year.

Insider Transactions at PagerDuty

In other news, CEO Jennifer Tejada sold 2,000 shares of PagerDuty stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $22.00, for a total value of $44,000.00. Following the completion of the transaction, the chief executive officer now owns 1,015,637 shares in the company, valued at $22,344,014. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jennifer Tejada sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $22.00, for a total value of $44,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,015,637 shares in the company, valued at $22,344,014. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shelley Webb sold 5,732 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 235,657 shares of the company’s stock, valued at $5,179,740.86. The disclosure for this sale can be found here. Insiders sold 110,244 shares of company stock worth $2,316,980 over the last quarter. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On PagerDuty

A number of large investors have recently modified their holdings of PD. Quarry LP lifted its position 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 purchasing an additional 1,322 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of PagerDuty by 28.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company’s stock worth $53,000 after acquiring an additional 508 shares during the last quarter. Fred Alger Management LLC lifted its holdings in shares of PagerDuty by 170.6% in the 2nd quarter. Fred Alger Management LLC now owns 2,503 shares of the company’s stock worth $57,000 after acquiring an additional 1,578 shares during the last quarter. Cambridge Trust Co. bought a new stake in shares of PagerDuty in the 1st quarter worth approximately $68,000. Finally, Headlands Technologies LLC bought a new stake in shares of PagerDuty in the 2nd quarter worth approximately $114,000. 97.26% of the stock is currently owned by 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.