PagerDuty (NYSE:PD) Raised to "Buy" at TD Cowen

Key Points

• PagerDuty has been upgraded to a "buy" rating by TD Cowen, with a price target of $22.00, indicating a potential upside of 39.62% from its previous close.
• Several analysts have revised their views on PagerDuty, resulting in mixed ratings with six buy ratings, two sell ratings, and a consensus "hold" rating.
• PagerDuty reported an earnings per share of $0.24 for the latest quarter, exceeding analyst expectations, and indicated a year-over-year revenue increase of 7.8%.

PagerDuty (NYSE:PD - Get Free Report) was upgraded by investment analysts at TD Cowen from a "hold" rating to a "buy" rating in a note issued to investors on Monday, MarketBeat reports. The brokerage currently has a $22.00 price objective on the stock. TD Cowen's price target would indicate a potential upside of 36.08% from the company's current price.

Several other equities analysts have also commented on PD. Royal Bank Of Canada dropped their price target on shares of PagerDuty from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Morgan Stanley cut their price target on shares of PagerDuty from $20.00 to $17.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Cowen raised shares of PagerDuty from a "hold" rating to a "buy" rating in a report on Monday. Truist Financial dropped their target price 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. Finally, Canaccord Genuity Group dropped their price objective on shares of PagerDuty from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $19.75.

PagerDuty Trading Down 0.9%

Shares of NYSE PD traded down $0.14 during midday trading on Monday, reaching $16.17. 1,247,761 shares of the stock were exchanged, compared to its average volume of 1,340,127. The company has a market capitalization of $1.47 billion, a P/E ratio of -40.48, a P/E/G ratio of 9.84 and a beta of 0.89. PagerDuty has a 52-week low of $13.69 and a 52-week high of $21.98. 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 stock has a 50 day moving average price of $15.26 and a 200-day moving average price of $16.62.

PagerDuty (NYSE:PD - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.05. PagerDuty had a negative net margin of 7.75% and a negative return on equity of 8.73%. The firm had revenue of $119.81 million during the quarter, compared to the consensus estimate of $118.98 million. During the same period in the previous year, the firm earned $0.17 earnings per share. PagerDuty's revenue was up 7.8% compared to the same quarter last year. Equities research analysts expect that PagerDuty will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PagerDuty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its holdings in shares of PagerDuty by 1.9% during the 1st quarter. ARK Investment Management LLC now owns 9,170,848 shares of the company's stock worth $167,551,000 after acquiring an additional 174,501 shares during the period. RGM Capital LLC boosted its stake in shares of 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 purchasing an additional 634,131 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of PagerDuty by 2.1% in the 4th quarter. Janus Henderson Group PLC now owns 3,056,795 shares of the company's stock valued at $55,817,000 after purchasing an additional 61,456 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of PagerDuty by 11.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,010,175 shares of the company's stock valued at $18,456,000 after purchasing an additional 104,838 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of PagerDuty by 55.4% in the 1st quarter. Millennium Management LLC now owns 1,005,111 shares of the company's stock valued at $18,363,000 after purchasing an additional 358,347 shares in the last quarter. 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.