PagerDuty (NYSE:PD) Given New $17.00 Price Target at Morgan Stanley

PagerDuty (NYSE:PD) had its price objective reduced by equities research analysts at Morgan Stanley from $20.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 15.48% from the company’s previous close.

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

PagerDuty Trading Down 2.4 %

NYSE:PD opened at $14.72 on Wednesday. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -18.40 and a beta of 1.06. PagerDuty has a one year low of $14.40 and a one year high of $23.12. The company has a debt-to-equity ratio of 3.52, a quick ratio of 1.97 and a current ratio of 1.97. The business’s 50-day simple moving average is $17.52 and its 200 day simple moving average is $18.47.

PagerDuty (NYSE:PD) last released its earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.16 by $0.06. The company had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The business’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 EPS. As a group, sell-side analysts predict that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its Board of Directors has initiated a share repurchase program on Thursday, March 13th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the sale, the chief executive officer now directly owns 868,311 shares of the company’s stock, valued at $17,366,220. The trade was a 0.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PagerDuty

Several institutional investors and hedge funds have recently bought and sold shares of the business. Venturi Wealth Management LLC acquired a new stake in shares of PagerDuty during the 4th quarter valued at $43,000. Picton Mahoney Asset Management acquired a new stake in shares of PagerDuty in the fourth quarter valued at about $58,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in PagerDuty in the 4th quarter valued at approximately $130,000. Vinva Investment Management Ltd bought a new position in PagerDuty in the 4th quarter worth approximately $139,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of PagerDuty by 24.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,061 shares of the company’s stock worth $184,000 after buying an additional 1,965 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

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.