The Goldman Sachs Group Issues Pessimistic Forecast for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its price objective cut by analysts at The Goldman Sachs Group from $21.00 to $18.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 2.23% from the stock’s previous close.

A number of other research analysts have also weighed in on PD. Truist Financial dropped their price objective on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Friday. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $21.00 target price on shares of PagerDuty in a research report on Wednesday, December 11th. Canaccord Genuity Group decreased their target price on PagerDuty from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday. Bank of America downgraded PagerDuty from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $23.00 to $18.00 in a research report on Thursday, January 30th. Finally, Royal Bank of Canada decreased their target price on PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.73.

PagerDuty Trading Up 17.9 %

NYSE:PD opened at $18.41 on Friday. The firm has a market cap of $1.66 billion, a P/E ratio of -23.01 and a beta of 1.12. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. The stock’s 50 day simple moving average is $18.24 and its 200-day simple moving average is $18.68. PagerDuty has a 12-month low of $15.49 and a 12-month high of $23.85.

PagerDuty (NYSE:PD) last released its earnings results on Thursday, March 13th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The business had revenue of $121.45 million for the quarter, compared to analyst estimates of $119.53 million. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. Equities analysts anticipate that PagerDuty will post -0.27 EPS for the current year.

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

Insider Buying and Selling

In other PagerDuty news, insider Shelley Webb sold 7,879 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was 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 $3,622,029.18. This represents a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total value of $31,380.00. Following the sale, the chief executive officer now owns 868,311 shares of the company’s stock, valued at $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,048 shares of company stock worth $186,699. 7.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On PagerDuty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in PagerDuty by 1.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company’s stock worth $930,000 after acquiring an additional 586 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of PagerDuty by 0.7% in the fourth quarter. Alliancebernstein L.P. now owns 92,621 shares of the company’s stock valued at $1,691,000 after buying an additional 674 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of PagerDuty by 1.4% in the third quarter. Point72 Asset Management L.P. now owns 58,377 shares of the company’s stock valued at $1,083,000 after buying an additional 819 shares in the last quarter. Quarry LP grew its stake in shares of PagerDuty by 98.3% in the third quarter. Quarry LP now owns 2,792 shares of the company’s stock valued at $52,000 after buying an additional 1,384 shares in the last quarter. Finally, Fred Alger Management LLC grew its stake in shares of PagerDuty by 63.7% in the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock valued at $76,000 after buying an additional 1,594 shares in the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.