Canaccord Genuity Group Issues Pessimistic Forecast for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its target price dropped by research analysts at Canaccord Genuity Group from $24.00 to $23.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 24.93% from the stock’s current price.

A number of other research analysts also recently issued reports on PD. Royal Bank of Canada dropped their price target on PagerDuty from $24.00 to $22.00 and set an “outperform” rating on the stock in a research note on Friday. Truist Financial dropped their price target on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. restated an “underweight” rating and set a $21.00 price target on shares of PagerDuty in a research note on Wednesday, December 11th. Finally, Bank of America downgraded PagerDuty from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $23.00 to $18.00 in a research note on Thursday, January 30th. 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.73.

PagerDuty Price Performance

PD stock opened at $18.41 on Friday. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. The firm has a market capitalization of $1.66 billion, a P/E ratio of -23.01 and a beta of 1.12. The business’s 50-day moving average is $18.24 and its two-hundred day moving average is $18.68. PagerDuty has a 1 year low of $15.49 and a 1 year high of $23.85.

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

PagerDuty declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at PagerDuty

In other news, CEO Jennifer Tejada sold 1,569 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total value of $31,380.00. Following the completion of the sale, the chief executive officer now directly owns 868,311 shares of the company’s stock, valued at $17,366,220. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shelley Webb sold 7,879 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $18.19, for a total value of $143,319.01. Following the completion of the sale, the insider now directly owns 199,122 shares of the company’s stock, valued at $3,622,029.18. This represents a 3.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,048 shares of company stock worth $186,699. 7.60% of the stock is currently owned by insiders.

Institutional Trading of PagerDuty

Several hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp lifted its holdings in shares of PagerDuty by 516.5% in the 4th quarter. Mackenzie Financial Corp now owns 111,356 shares of the company’s stock valued at $2,033,000 after buying an additional 93,294 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in PagerDuty by 7.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 233,679 shares of the company’s stock worth $4,267,000 after purchasing an additional 15,221 shares during the last quarter. Two Sigma Advisers LP acquired a new position in PagerDuty during the fourth quarter worth $6,734,000. Two Sigma Investments LP raised its holdings in PagerDuty by 1,222.8% during the fourth quarter. Two Sigma Investments LP now owns 431,252 shares of the company’s stock worth $7,875,000 after purchasing an additional 398,650 shares during the last quarter. Finally, State of Wyoming raised its holdings in PagerDuty by 49.6% during the fourth quarter. State of Wyoming now owns 22,271 shares of the company’s stock worth $407,000 after purchasing an additional 7,385 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.