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 target price dropped by research analysts at Canaccord Genuity Group from $21.00 to $19.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 14.18% from the stock's previous close.

PD has been the subject of a number of other reports. Zacks Research raised PagerDuty to a "hold" rating in a research report on Friday, August 8th. TD Securities reduced their price objective on PagerDuty from $19.00 to $18.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. Truist Financial lowered their price objective on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. JPMorgan Chase & Co. dropped their price target on shares of PagerDuty from $21.00 to $18.00 and set an "underweight" rating on the stock in a research note on Friday, May 30th. Finally, Cowen raised PagerDuty from a "hold" rating to a "buy" rating in a report on Monday, July 28th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, PagerDuty presently has a consensus rating of "Hold" and a consensus price target of $18.70.

PagerDuty Trading Down 3.1%

Shares of PD stock traded down $0.53 on Thursday, hitting $16.64. 1,614,409 shares of the stock traded hands, compared to its average volume of 1,553,442. The stock has a market capitalization of $1.55 billion, a PE ratio of -103.71, a PEG ratio of 7.90 and a beta of 0.88. The company has a debt-to-equity ratio of 2.18, a quick ratio of 2.39 and a current ratio of 2.39. The firm's 50-day moving average price is $15.81 and its two-hundred day moving average price is $16.07. PagerDuty has a twelve month low of $13.69 and a twelve month high of $21.98.

Hedge Funds Weigh In On PagerDuty

A number of hedge funds and other institutional investors have recently made changes to their positions in PD. Headlands Technologies LLC lifted its stake in shares of PagerDuty by 2,235.6% in the 1st quarter. Headlands Technologies LLC now owns 1,378 shares of the company's stock valued at $25,000 after purchasing an additional 1,319 shares during the period. Summit Securities Group LLC purchased a new stake in PagerDuty in the first quarter worth about $33,000. KBC Group NV purchased a new position in PagerDuty in the 1st quarter worth about $33,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of PagerDuty in the fourth quarter worth about $130,000. Finally, State of Tennessee Department of Treasury purchased a new position in PagerDuty during the 2nd quarter valued at $160,000. 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.