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

PagerDuty (NYSE:PD - Get Free Report) had its price target reduced by research analysts at Canaccord Genuity Group from $23.00 to $21.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 40.61% from the stock's previous close.

PD has been the topic of several other research reports. TD Securities reduced their price target on shares of PagerDuty from $19.00 to $18.00 and set a "hold" rating on the stock in a research report on Wednesday, May 21st. 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. Truist Financial cut their target price on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a research report on Friday. Royal Bank of Canada cut their target price on shares of PagerDuty from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Morgan Stanley cut their target price on shares of PagerDuty from $20.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Two research 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $19.50.

PagerDuty Price Performance

Shares of NYSE PD traded up $0.64 during trading hours on Monday, hitting $14.94. 1,584,088 shares of the stock were exchanged, compared to its average volume of 1,086,249. 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 company has a market cap of $1.36 billion, a PE ratio of -18.67 and a beta of 0.99. The company's fifty day simple moving average is $15.94 and its two-hundred day simple moving average is $17.82. PagerDuty has a 1-year low of $13.94 and a 1-year high of $23.12.

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 business had revenue of $119.81 million for 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 firm's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.17 EPS. On average, sell-side analysts predict that PagerDuty will post -0.27 EPS for the current year.

PagerDuty declared that its Board of Directors has initiated a stock buyback program on Thursday, March 13th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its holdings in PagerDuty by 4.0% in the fourth quarter. Northern Trust Corp now owns 907,074 shares of the company's stock valued at $16,563,000 after buying an additional 35,026 shares during the period. Bank of New York Mellon Corp lifted its position in shares of PagerDuty by 12.4% during the fourth quarter. Bank of New York Mellon Corp now owns 905,337 shares of the company's stock valued at $16,531,000 after purchasing an additional 100,207 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in PagerDuty in the fourth quarter valued at about $352,000. Scalar Gauge Management LLC purchased a new position in PagerDuty in the fourth quarter valued at about $5,993,000. Finally, PNC Financial Services Group Inc. boosted its stake in PagerDuty by 24.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 10,061 shares of the company's stock worth $184,000 after purchasing an additional 1,965 shares during the period. 97.26% of the stock is owned by institutional investors and hedge funds.

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.