Bank of America Trims PagerDuty (NYSE:PD) Target Price to $23.00

PagerDuty (NYSE:PD) had its price target trimmed by Bank of America from $28.00 to $23.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also weighed in on the company. The Goldman Sachs Group began coverage on PagerDuty in a report on Thursday, July 18th. They set a neutral rating and a $24.00 price target on the stock. Morgan Stanley reduced their target price on shares of PagerDuty from $24.00 to $19.00 and set an equal weight rating on the stock in a research note on Wednesday. Craig Hallum upgraded shares of PagerDuty from a hold rating to a buy rating and raised their target price for the stock from $21.00 to $30.00 in a report on Wednesday, June 12th. Canaccord Genuity Group cut their price target on shares of PagerDuty from $27.00 to $26.00 and set a buy rating on the stock in a report on Friday, May 31st. Finally, Scotiabank initiated coverage on shares of PagerDuty in a research note on Friday, June 28th. They issued a sector perform rating and a $23.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $21.91.

PagerDuty Stock Performance

PagerDuty stock opened at $17.78 on Wednesday. The company’s 50-day moving average price is $20.18 and its 200-day moving average price is $21.07. The company has a quick ratio of 2.59, a current ratio of 2.59 and a debt-to-equity ratio of 2.58. The company has a market cap of $1.70 billion, a PE ratio of -17.60 and a beta of 1.05. PagerDuty has a twelve month low of $16.46 and a twelve month high of $26.70.

PagerDuty (NYSE:PD) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.17 by $0.04. PagerDuty had a negative return on equity of 28.38% and a negative net margin of 21.34%. The company had revenue of $115.94 million during the quarter, compared to analyst estimates of $116.52 million. During the same quarter last year, the business posted ($0.18) earnings per share. The firm’s revenue was up 7.7% on a year-over-year basis. On average, equities research analysts forecast that PagerDuty will post -0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jennifer Tejada sold 18,750 shares of PagerDuty stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $20.09, for a total transaction of $376,687.50. Following the completion of the sale, the chief executive officer now owns 1,010,861 shares of the company’s stock, valued at $20,308,197.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other PagerDuty news, insider Shelley Webb sold 5,732 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $21.98, for a total transaction of $125,989.36. Following the transaction, the insider now directly owns 235,657 shares in the company, valued at approximately $5,179,740.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jennifer Tejada sold 18,750 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $20.09, for a total transaction of $376,687.50. Following the transaction, the chief executive officer now directly owns 1,010,861 shares in the company, valued at approximately $20,308,197.49. The disclosure for this sale can be found here. Insiders have sold 110,244 shares of company stock worth $2,316,980 in the last three months. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On PagerDuty

A number of hedge funds and other institutional investors have recently modified their holdings of PD. Quarry LP lifted its holdings in PagerDuty by 1,537.2% during the second quarter. Quarry LP now owns 1,408 shares of the company’s stock worth $32,000 after buying an additional 1,322 shares during the period. First Horizon Advisors Inc. raised its position in shares of PagerDuty by 28.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company’s stock worth $53,000 after acquiring an additional 508 shares in the last quarter. Fred Alger Management LLC lifted its stake in shares of PagerDuty by 170.6% during the 2nd quarter. Fred Alger Management LLC now owns 2,503 shares of the company’s stock worth $57,000 after purchasing an additional 1,578 shares during the last quarter. Cambridge Trust Co. bought a new stake in PagerDuty during the first quarter valued at about $68,000. Finally, Headlands Technologies LLC purchased a new position in PagerDuty in the second quarter valued at about $114,000. 97.26% of the stock is currently owned by institutional investors.

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.