Truist Financial Issues Pessimistic Forecast for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD) had its target price reduced by stock analysts at Truist Financial from $30.00 to $26.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 44.10% from the company’s previous close.

Several other equities research analysts have also recently commented on PD. JPMorgan Chase & Co. restated an “underweight” rating and set a $21.00 price target on shares of PagerDuty in a research note on Wednesday, December 11th. Royal Bank of Canada reduced their price target on PagerDuty from $24.00 to $22.00 and set an “outperform” rating for the company in a report on Friday. Finally, Bank of America cut PagerDuty from a “buy” rating to an “underperform” rating and cut their price objective 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 assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.09.

PagerDuty Stock Up 15.6 %

PagerDuty stock traded up $2.43 during midday trading on Friday, reaching $18.04. The company’s stock had a trading volume of 1,674,648 shares, compared to its average volume of 990,541. The business has a 50-day simple moving average of $18.24 and a 200-day simple moving average of $18.70. The company has a market cap of $1.63 billion, a P/E ratio of -22.55 and a beta of 1.12. PagerDuty has a fifty-two week low of $15.49 and a fifty-two week high of $23.85. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 3.52.

PagerDuty (NYSE:PD) last released its quarterly earnings results on Thursday, March 13th. The company reported $0.22 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 firm had revenue of $121.45 million during the quarter, compared to the consensus estimate of $119.53 million. During the same quarter in the prior year, the firm earned $0.17 EPS. PagerDuty’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, research analysts expect that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty declared that its board has approved a stock buyback plan on Thursday, March 13th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 10.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jennifer Tejada sold 1,569 shares of PagerDuty stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $20.00, for a total value of $31,380.00. Following the transaction, 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 the SEC website. Also, insider Shelley Webb sold 7,879 shares of the stock in a transaction that occurred on 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 directly owns 199,122 shares of the company’s stock, valued at approximately $3,622,029.18. This trade represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,048 shares of company stock worth $186,699. 7.60% of the stock is owned by company insiders.

Institutional Trading of PagerDuty

Several large investors have recently added to or reduced their stakes in PD. Venturi Wealth Management LLC purchased a new stake in shares of PagerDuty in the fourth quarter worth about $43,000. Quarry LP grew its position in PagerDuty by 98.3% in the third quarter. Quarry LP now owns 2,792 shares of the company’s stock valued at $52,000 after acquiring an additional 1,384 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in shares of PagerDuty during the fourth quarter worth $58,000. Fred Alger Management LLC boosted its stake in shares of PagerDuty by 63.7% in the third quarter. Fred Alger Management LLC now owns 4,097 shares of the company’s stock valued at $76,000 after purchasing an additional 1,594 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in PagerDuty during the 4th quarter valued at $130,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

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.