Canaccord Genuity Group Cuts PagerDuty (NYSE:PD) Price Target to $21.00

PagerDuty (NYSE:PD - Get Free Report) had its price target cut by Canaccord Genuity Group from $23.00 to $21.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 35.70% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley reduced their price objective on shares of PagerDuty from $20.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group reduced their price target on shares of PagerDuty from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Friday, March 14th. JPMorgan Chase & Co. reduced their price target on shares of PagerDuty from $21.00 to $18.00 and set an "underweight" rating on the stock in a research report on Friday, May 30th. Royal Bank of Canada reduced their price target on shares of PagerDuty from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Finally, Truist Financial reduced their price target 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $19.50.

PagerDuty Stock Performance

Shares of NYSE PD traded up $0.28 during mid-day trading on Monday, hitting $15.48. The company had a trading volume of 1,170,057 shares, compared to its average volume of 1,086,490. 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 simple moving average is $15.78 and its 200-day simple moving average is $17.78. PagerDuty has a 12 month low of $13.94 and a 12 month high of $23.12. The firm has a market cap of $1.41 billion, a P/E ratio of -19.39 and a beta of 0.99.

PagerDuty (NYSE:PD - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. The firm had revenue of $119.81 million during the quarter, compared to analyst estimates of $118.98 million. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The company's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. As a group, analysts predict that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its board has authorized a share buyback program on Thursday, March 13th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 10.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On PagerDuty

A number of 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 shares of PagerDuty by 1.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company's stock worth $930,000 after acquiring an additional 586 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of 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 purchasing an additional 674 shares during the last quarter. Headlands Technologies LLC increased its stake in shares of 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 purchasing an additional 1,319 shares during the last quarter. Summit Securities Group LLC bought a new position in PagerDuty in the 1st quarter worth approximately $33,000. Finally, KBC Group NV bought a new position in PagerDuty in the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 97.26% of the company's stock.

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.