PagerDuty (NYSE:PD) Hits New 1-Year Low on Analyst Downgrade

PagerDuty, Inc. (NYSE:PD - Get Free Report)'s share price hit a new 52-week low on Friday after Canaccord Genuity Group lowered their price target on the stock from $23.00 to $21.00. Canaccord Genuity Group currently has a buy rating on the stock. PagerDuty traded as low as $13.94 and last traded at $14.18, with a volume of 417233 shares changing hands. The stock had previously closed at $16.10.

PD has been the topic of a number of other research reports. Truist Financial decreased their price target on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a research note on Friday. Royal Bank of Canada reduced their target price on shares of PagerDuty from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday. TD Securities lowered their price target on shares of PagerDuty from $19.00 to $18.00 and set a "hold" rating for the company in a report on Wednesday, May 21st. The Goldman Sachs Group dropped their price target on PagerDuty from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Friday, March 14th. Finally, Morgan Stanley decreased their price objective on 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 given a buy rating to the company. According to data from MarketBeat, PagerDuty has a consensus rating of "Hold" and a consensus price target of $19.50.

Institutional Trading of PagerDuty

Several institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC grew its stake in shares of PagerDuty by 1.9% during the first quarter. ARK Investment Management LLC now owns 9,170,848 shares of the company's stock valued at $167,551,000 after buying an additional 174,501 shares during the last quarter. RGM Capital LLC grew its position in PagerDuty by 12.6% in the 1st quarter. RGM Capital LLC now owns 5,649,592 shares of the company's stock valued at $103,218,000 after acquiring an additional 634,131 shares during the last quarter. Janus Henderson Group PLC increased its stake in PagerDuty by 2.1% in the fourth quarter. Janus Henderson Group PLC now owns 3,056,795 shares of the company's stock worth $55,817,000 after purchasing an additional 61,456 shares during the period. Bank of New York Mellon Corp increased its stake in PagerDuty by 11.6% in the first quarter. Bank of New York Mellon Corp now owns 1,010,175 shares of the company's stock worth $18,456,000 after purchasing an additional 104,838 shares during the period. Finally, Millennium Management LLC lifted its position in shares of PagerDuty by 55.4% during the first quarter. Millennium Management LLC now owns 1,005,111 shares of the company's stock worth $18,363,000 after purchasing an additional 358,347 shares during the last quarter. Institutional investors own 97.26% of the company's stock.

PagerDuty Price Performance

The stock's 50 day moving average price is $15.94 and its 200-day moving average price is $17.82. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 3.52. The stock has a market capitalization of $1.35 billion, a PE ratio of -18.47 and a beta of 0.99.

PagerDuty (NYSE:PD - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.05. The company had revenue of $119.81 million during the quarter, compared to analysts' expectations 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 quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 EPS. As a group, equities analysts forecast that PagerDuty, Inc. will post -0.27 EPS for the current year.

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

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.