Canaccord Genuity Group Has Lowered Expectations for PagerDuty (NYSE:PD) Stock Price

Key Points

• Canaccord Genuity Group has lowered its price target for PagerDuty (NYSE:PD) from $21.00 to $19.00 while maintaining a "buy" rating, indicating a potential upside of 21.81% from the current price.
• Several analysts have issued mixed ratings on PagerDuty, with five giving it a "Buy" rating, four a "Hold" rating, and two a "Sell" rating, leading to a consensus rating of "Hold" with a price target of $19.22.
• The company is experiencing significant institutional investment, with 97.26% of the stock owned by institutional investors and hedge funds, highlighting strong market interest.

PagerDuty (NYSE:PD - Get Free Report) had its price target cut by Canaccord Genuity Group from $21.00 to $19.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 15.28% from the company's previous close.

A number of other equities analysts have also weighed in on the company. Truist Financial lowered their target price on PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. TD Securities lowered their target price on PagerDuty from $19.00 to $18.00 and set a "hold" rating on the stock in a research note on Wednesday, May 21st. Royal Bank Of Canada lowered their target price on PagerDuty from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Zacks Research upgraded PagerDuty to a "hold" rating in a research note on Friday, August 8th. Finally, Wall Street Zen upgraded PagerDuty from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 31st. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, PagerDuty presently has a consensus rating of "Hold" and an average price target of $18.70.

PagerDuty Stock Performance

NYSE:PD traded down $0.09 on Thursday, hitting $16.48. The company's stock had a trading volume of 2,392,171 shares, compared to its average volume of 2,822,293. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 2.70. The stock has a fifty day moving average of $15.77 and a two-hundred day moving average of $16.09. The firm has a market capitalization of $1.50 billion, a P/E ratio of -103.01, a price-to-earnings-growth ratio of 9.88 and a beta of 0.88. PagerDuty has a one year low of $13.69 and a one year high of $21.98.

Hedge Funds Weigh In On PagerDuty

A number of hedge funds have recently added to or reduced their stakes in PD. Headlands Technologies LLC increased its stake in PagerDuty by 2,235.6% during the 1st quarter. Headlands Technologies LLC now owns 1,378 shares of the company's stock worth $25,000 after acquiring an additional 1,319 shares during the period. KBC Group NV bought a new position in PagerDuty during the 1st quarter worth $33,000. Summit Securities Group LLC bought a new position in PagerDuty during the 1st quarter worth $33,000. Point72 Asia Singapore Pte. Ltd. bought a new position in PagerDuty during the 4th quarter worth $130,000. Finally, State of Tennessee Department of Treasury bought a new position in PagerDuty during the 2nd quarter worth $160,000. 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.