PagerDuty (NYSE:PD) Price Target Lowered to $17.00 at Morgan Stanley

PagerDuty (NYSE:PD) had its target price trimmed by Morgan Stanley from $20.00 to $17.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

PD has been the subject of several other reports. The Goldman Sachs Group reduced their target price on PagerDuty from $21.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, March 14th. Bank of America cut shares of PagerDuty from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $23.00 to $18.00 in a research note on Thursday, January 30th. Truist Financial decreased their target price on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Royal Bank of Canada cut their price target on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, March 14th. Finally, Canaccord Genuity Group decreased their price objective on PagerDuty from $24.00 to $23.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, PagerDuty currently has an average rating of “Hold” and a consensus price target of $20.55.

PagerDuty Stock Performance

NYSE PD opened at $15.09 on Wednesday. The company’s fifty day moving average is $17.60 and its two-hundred day moving average is $18.50. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -18.86 and a beta of 1.06. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. PagerDuty has a 52-week low of $14.40 and a 52-week high of $23.12.

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

PagerDuty announced that its board has authorized a share buyback plan on Thursday, March 13th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 10.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at PagerDuty

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were 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 owns 868,311 shares in the company, valued at approximately $17,366,220. This trade represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.60% of the company’s stock.

Institutional Trading of PagerDuty

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in PagerDuty by 285.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock worth $23,444,000 after buying an additional 936,257 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of PagerDuty by 989.0% during the fourth quarter. Marshall Wace LLP now owns 721,953 shares of the company’s stock valued at $13,183,000 after acquiring an additional 655,655 shares during the period. Two Sigma Investments LP boosted its holdings in PagerDuty by 1,222.8% in the fourth quarter. Two Sigma Investments LP now owns 431,252 shares of the company’s stock valued at $7,875,000 after acquiring an additional 398,650 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in PagerDuty in the fourth quarter worth about $6,734,000. Finally, Raymond James Financial Inc. acquired a new stake in PagerDuty in the fourth quarter worth about $6,574,000. 97.26% of the stock is 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.