Morgan Stanley Has Lowered Expectations for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its price objective decreased by equities researchers at Morgan Stanley from $20.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 15.48% from the company’s current price.

A number of other brokerages have also weighed in on PD. Bank of America lowered PagerDuty from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $23.00 to $18.00 in a report on Thursday, January 30th. Truist Financial dropped their price objective on PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, March 14th. The Goldman Sachs Group reduced their target price on PagerDuty from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Canaccord Genuity Group lowered their price target on shares of PagerDuty from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, Royal Bank of Canada reduced their price objective on shares of PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.55.

PagerDuty Trading Down 2.4 %

Shares of PD stock opened at $14.72 on Wednesday. The company has a market capitalization of $1.34 billion, a P/E ratio of -18.40 and a beta of 1.06. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 3.52. The business’s 50 day moving average is $17.52 and its two-hundred day moving average is $18.47. PagerDuty has a twelve month low of $14.40 and a twelve month high of $23.12.

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

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

Insider Buying and Selling at PagerDuty

In related news, CEO Jennifer Tejada sold 1,569 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total transaction of $31,380.00. Following the sale, the chief executive officer now owns 868,311 shares in the company, valued at approximately $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.60% of the stock is owned by insiders.

Hedge Funds Weigh In On PagerDuty

Large investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC purchased a new stake in shares of PagerDuty during the 4th quarter valued at $43,000. Picton Mahoney Asset Management purchased a new stake in PagerDuty during the 4th quarter worth $58,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in PagerDuty in the fourth quarter valued at about $130,000. Vinva Investment Management Ltd acquired a new position in shares of PagerDuty during the fourth quarter worth about $139,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of PagerDuty by 24.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,061 shares of the company’s stock valued at $184,000 after buying an additional 1,965 shares in the last quarter. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

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.