Royal Bank of Canada Has Lowered Expectations for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its price objective dropped by analysts at Royal Bank of Canada from $24.00 to $22.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 21.93% from the company’s current price.

PD has been the topic of a number of other reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $21.00 target price on shares of PagerDuty in a research note on Wednesday, December 11th. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and cut their target price for the stock from $23.00 to $18.00 in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.09.

PagerDuty Price Performance

NYSE:PD traded up $2.43 during trading hours on Friday, hitting $18.04. The stock had a trading volume of 1,674,648 shares, compared to its average volume of 990,541. The company has a 50 day simple moving average of $18.24 and a two-hundred day simple moving average of $18.70. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -22.55 and a beta of 1.12. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. PagerDuty has a one year low of $15.49 and a one year high of $23.85.

PagerDuty (NYSE:PD) last posted its earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.16 by $0.06. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The business had revenue of $121.45 million during the quarter, compared to analysts’ expectations of $119.53 million. During the same period in the previous year, the business earned $0.17 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. Research analysts forecast that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty announced that its board has authorized a share repurchase plan on Thursday, March 13th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at PagerDuty

In other news, CEO Jennifer Tejada sold 1,569 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the completion of the transaction, the chief executive officer now directly owns 868,311 shares of the company’s stock, valued at approximately $17,366,220. This represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Shelley Webb sold 7,879 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $18.19, for a total transaction of $143,319.01. Following the sale, the insider now owns 199,122 shares of the company’s stock, valued at approximately $3,622,029.18. This represents a 3.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,048 shares of company stock worth $186,699 in the last ninety days. 7.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On PagerDuty

Several institutional investors and hedge funds have recently bought and sold shares of the business. RGM Capital LLC increased its stake in shares of PagerDuty by 1.3% during the third quarter. RGM Capital LLC now owns 4,564,296 shares of the company’s stock valued at $84,668,000 after buying an additional 59,902 shares during the period. Janus Henderson Group PLC increased its position in PagerDuty by 2.1% during 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 during the period. Geode Capital Management LLC raised its holdings in PagerDuty by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company’s stock worth $39,915,000 after purchasing an additional 37,147 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of PagerDuty by 285.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company’s stock worth $23,444,000 after purchasing an additional 936,257 shares during the period. Finally, Barclays PLC boosted its stake in shares of PagerDuty by 2.0% during the 4th quarter. Barclays PLC now owns 918,762 shares of the company’s stock valued at $16,777,000 after purchasing an additional 17,642 shares in the last quarter. Hedge funds and other institutional investors 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.