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

PagerDuty (NYSE:PD) had its target price cut by investment analysts at Morgan Stanley from $20.00 to $17.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 11.55% from the stock’s current price.

A number of other research analysts have also issued reports on PD. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and reduced their target price for the company from $23.00 to $18.00 in a report on Thursday, January 30th. Royal Bank of Canada lowered their target price 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. Truist Financial reduced 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, March 14th. Canaccord Genuity Group lowered their price objective on PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Finally, The Goldman Sachs Group lowered their price target on PagerDuty from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Two research 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, the stock has an average rating of “Hold” and a consensus target price of $20.55.

PagerDuty Price Performance

PD traded down $0.22 during midday trading on Wednesday, reaching $15.24. 247,041 shares of the company’s stock were exchanged, compared to its average volume of 1,076,993. PagerDuty has a 1-year low of $14.40 and a 1-year high of $23.12. The stock has a market capitalization of $1.39 billion, a PE ratio of -19.05 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. The business’s 50-day moving average price is $17.68 and its 200 day moving average price is $18.52.

PagerDuty (NYSE:PD) last announced its earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The firm had revenue of $121.45 million for 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%. PagerDuty’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.17 EPS. As a group, equities analysts anticipate that PagerDuty will post -0.27 EPS for the current fiscal year.

PagerDuty declared that its Board of Directors has approved a share buyback plan on Thursday, March 13th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at PagerDuty

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the company’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 transaction, the chief executive officer now owns 868,311 shares in the company, valued at $17,366,220. This represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On PagerDuty

Several institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in PagerDuty by 1.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company’s stock valued at $930,000 after acquiring an additional 586 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in PagerDuty by 0.7% during the 4th quarter. Alliancebernstein L.P. now owns 92,621 shares of the company’s stock worth $1,691,000 after buying an additional 674 shares during the last quarter. Franklin Resources Inc. grew its position in shares of PagerDuty by 5.4% in the 3rd quarter. Franklin Resources Inc. now owns 32,915 shares of the company’s stock worth $614,000 after acquiring an additional 1,701 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of PagerDuty by 24.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,061 shares of the company’s stock valued at $184,000 after acquiring an additional 1,965 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of PagerDuty by 12.4% during the 4th quarter. Handelsbanken Fonder AB now owns 19,000 shares of the company’s stock valued at $347,000 after acquiring an additional 2,100 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other 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.