PagerDuty (NYSE:PD) Sets New 52-Week Low on Analyst Downgrade

PagerDuty, Inc. (NYSE:PD - Get Free Report) hit a new 52-week low during mid-day trading 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 trading hands. The stock had previously closed at $16.10.

A number of other research analysts also recently commented on the stock. TD Securities dropped their target price 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. JPMorgan Chase & Co. dropped their price objective on PagerDuty from $21.00 to $18.00 and set an "underweight" rating on the stock in a report on Friday. Truist Financial reduced their target price on PagerDuty from $26.00 to $23.00 and set a "buy" rating for the company in a report on Friday. Royal Bank of Canada dropped their price target on PagerDuty from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Friday. Finally, Morgan Stanley reduced their price objective on PagerDuty from $20.00 to $17.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Northern Trust Corp increased its stake 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 purchasing an additional 35,026 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of PagerDuty by 12.4% during the 4th quarter. Bank of New York Mellon Corp now owns 905,337 shares of the company's stock valued at $16,531,000 after acquiring an additional 100,207 shares during the last quarter. Barclays PLC lifted its holdings in shares of PagerDuty by 24.2% during the 3rd quarter. Barclays PLC now owns 901,120 shares of the company's stock worth $16,716,000 after acquiring an additional 175,733 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of PagerDuty in the fourth quarter worth approximately $352,000. Finally, Scalar Gauge Management LLC acquired a new stake in shares of PagerDuty in the fourth quarter worth approximately $5,993,000. Hedge funds and other institutional investors own 97.26% of the company's stock.

PagerDuty Trading Up 0.3%

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 business's fifty day moving average is $16.04 and its 200-day moving average is $17.85. The stock has a market capitalization of $1.30 billion, a PE ratio of -17.87 and a beta of 0.99.

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

PagerDuty announced that its Board of Directors has initiated a share buyback program on Thursday, March 13th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.