PagerDuty (NYSE:PD) Shares Down 2.9% - Here's Why

Key Points

• PagerDuty's share price fell by 2.9% to $15.65, with a significant decrease in trading volume of 70% from its average daily volume.
• Several analysts have lowered price targets for PagerDuty, with Truist Financial adjusting theirs from $26.00 to $23.00, while Royal Bank Of Canada reduced theirs from $22.00 to $20.00.
• Institutional investors hold a substantial portion of the company, owning 97.26% of PagerDuty's stock, with notable increases in holdings from firms like Headlands Technologies LLC and Summit Securities Group LLC.

PagerDuty (NYSE:PD - Get Free Report)'s share price dropped 2.9% on Wednesday . The stock traded as low as $14.40 and last traded at $15.65. Approximately 439,486 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,478,717 shares. The stock had previously closed at $16.12.

Analysts Set New Price Targets

PD has been the topic of several research analyst reports. Truist Financial lowered their price target on shares of PagerDuty from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Zacks Research raised shares of PagerDuty to a "hold" rating in a report on Friday, August 8th. Royal Bank Of Canada lowered their price target on shares of PagerDuty from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. TD Securities lowered their price target on shares of PagerDuty from $19.00 to $18.00 and set a "hold" rating on the stock in a report on Wednesday, May 21st. Finally, Wall Street Zen raised shares of PagerDuty from a "buy" rating to a "strong-buy" rating in a report on Sunday. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $19.75.

PagerDuty Price Performance

The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 2.70. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -38.56, a price-to-earnings-growth ratio of 10.04 and a beta of 0.88. The company's 50-day moving average is $15.69 and its 200-day moving average is $16.14.

Institutional Trading of PagerDuty

Large investors have recently made changes to their positions in the company. Headlands Technologies LLC boosted its position 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 worth $25,000 after acquiring an additional 1,319 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of PagerDuty during the 1st quarter worth approximately $33,000. KBC Group NV acquired a new stake in shares of PagerDuty during the 1st quarter worth approximately $33,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of PagerDuty during the 4th quarter worth approximately $130,000. Finally, State of Tennessee Department of Treasury acquired a new stake in shares of PagerDuty during the 2nd quarter worth approximately $160,000. Institutional investors and hedge funds own 97.26% of the company's stock.

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.

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