Morgan Stanley Lowers PagerDuty (NYSE:PD) Price Target to $17.00

PagerDuty (NYSE:PD - Free Report) had its price target reduced by Morgan Stanley from $20.00 to $17.00 in a research note released on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also issued reports on PD. Truist Financial dropped their price objective on shares of PagerDuty from $30.00 to $26.00 and set a "buy" rating for the company in a report on Friday, March 14th. Royal Bank of Canada cut their price target on shares of PagerDuty from $24.00 to $22.00 and set an "outperform" rating on the stock in a report on Friday, March 14th. The Goldman Sachs Group decreased their price objective on PagerDuty from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Friday, March 14th. Bank of America downgraded PagerDuty from a "buy" rating to an "underperform" rating and cut their target price for the stock from $23.00 to $18.00 in a report on Thursday, January 30th. Finally, Canaccord Genuity Group decreased their price target on PagerDuty from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $20.55.

PagerDuty Price Performance

PagerDuty stock traded down $0.26 during mid-day trading on Wednesday, reaching $14.48. The company had a trading volume of 1,015,344 shares, compared to its average volume of 1,077,539. The business has a fifty day simple moving average of $17.43 and a 200 day simple moving average of $18.46. The company has a market cap of $1.32 billion, a P/E ratio of -18.10 and a beta of 1.06. PagerDuty has a fifty-two week low of $14.30 and a fifty-two week high of $23.12. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52.

PagerDuty (NYSE:PD - Get Free Report) last released its quarterly earnings data on Thursday, March 13th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. The company had revenue of $121.45 million for the quarter, compared to the consensus estimate of $119.53 million. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. During the same quarter last year, the business posted $0.17 EPS. PagerDuty's revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities research analysts predict that PagerDuty will post -0.27 earnings per share for the current year.

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

Insider Transactions at PagerDuty

In other news, CEO Jennifer Tejada sold 1,569 shares of the firm'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 transaction, the chief executive officer now owns 868,311 shares in the company, valued at $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.60% of the company's stock.

Hedge Funds Weigh In On PagerDuty

Several institutional investors have recently bought and sold shares of PD. AMI Asset Management Corp grew its stake in shares of PagerDuty by 154.2% during the 4th quarter. AMI Asset Management Corp now owns 56,156 shares of the company's stock worth $1,025,000 after acquiring an additional 34,063 shares during the period. Geode Capital Management LLC boosted its position in PagerDuty by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company's stock worth $39,915,000 after purchasing an additional 37,147 shares during the period. Franklin Resources Inc. increased its stake in shares of PagerDuty by 5.4% in the third quarter. Franklin Resources Inc. now owns 32,915 shares of the company's stock worth $614,000 after purchasing an additional 1,701 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of PagerDuty by 12.4% in 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 during the period. Finally, JPMorgan Chase & Co. boosted its holdings in PagerDuty by 285.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company's stock worth $23,444,000 after buying an additional 936,257 shares during the period. Hedge funds and other 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.