PagerDuty (NYSE:PD) Price Target Cut to $18.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for PagerDuty (NYSE:PD) from $20.00 to $18.00, maintaining an "outperform" rating which implies a potential upside of 14.18% from the previous close.
• Other analysts, including JPMorgan Chase & Co. and TD Securities, have also cut their price targets on PagerDuty to $18.00, with a mix of "underweight" and "hold" ratings across different firms.
• PagerDuty's shares are currently trading around $15.77, with a significant portion of its stock—approximately 97.26%—owned by institutional investors.

PagerDuty (NYSE:PD - Free Report) had its price target lowered by Royal Bank Of Canada from $20.00 to $18.00 in a research report sent to investors on Thursday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other brokerages have also recently weighed in on PD. Truist Financial dropped their price objective on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Zacks Research upgraded PagerDuty to a "hold" rating in a research report on Friday, August 8th. Canaccord Genuity Group dropped their price objective on PagerDuty from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, September 4th. TD Cowen upgraded PagerDuty from a "hold" rating to a "buy" rating and set a $22.00 price objective for the company in a research report on Monday, July 28th. Finally, Wall Street Zen upgraded PagerDuty from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 31st. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.70.

PagerDuty Price Performance

PagerDuty stock traded down $0.56 during mid-day trading on Thursday, reaching $16.62. The company had a trading volume of 1,821,670 shares, compared to its average volume of 1,554,523. PagerDuty has a 1 year low of $13.69 and a 1 year high of $21.98. The company has a debt-to-equity ratio of 2.18, a current ratio of 2.39 and a quick ratio of 2.39. The company has a market capitalization of $1.55 billion, a P/E ratio of -103.78, a P/E/G ratio of 7.90 and a beta of 0.88. The stock's 50-day simple moving average is $15.81 and its 200-day simple moving average is $16.07.

Hedge Funds Weigh In On PagerDuty

Several hedge funds and other institutional investors have recently modified their holdings of the company. Headlands Technologies LLC lifted its holdings 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 valued at $25,000 after acquiring an additional 1,319 shares in the last quarter. KBC Group NV acquired a new position in shares of PagerDuty during the 1st quarter valued at $33,000. Summit Securities Group LLC acquired a new position in shares of PagerDuty during the 1st quarter valued at $33,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of PagerDuty during the 4th quarter valued at $130,000. Finally, State of Tennessee Department of Treasury acquired a new position in PagerDuty in the 2nd quarter worth $160,000. 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.