Truist Financial Cuts PagerDuty (NYSE:PD) Price Target to $23.00

PagerDuty (NYSE:PD) had its price target cut by Truist Financial from $26.00 to $23.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently commented on the company. Canaccord Genuity Group dropped their price target on PagerDuty from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Bank of America lowered shares of PagerDuty from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $23.00 to $18.00 in a report on Thursday, January 30th. Royal Bank of Canada dropped their price objective on shares of PagerDuty from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. dropped their price objective on shares of PagerDuty from $21.00 to $18.00 and set an “underweight” rating for the company in a research note on Friday. Finally, TD Securities dropped their price target on PagerDuty from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, May 21st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.67.

PagerDuty Stock Down 10.9%

PD stock opened at $14.35 on Friday. The stock has a market capitalization of $1.31 billion, a P/E ratio of -17.94 and a beta of 0.99. The firm has a 50-day simple moving average of $16.04 and a 200-day simple moving average of $17.85. 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 has a 52 week low of $13.94 and a 52 week high of $23.12.

PagerDuty (NYSE:PD) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. PagerDuty had a negative return on equity of 22.02% and a negative net margin of 16.29%. The company had revenue of $119.81 million during the quarter, compared to analyst estimates of $118.98 million. During the same period in the previous year, the business earned $0.17 EPS. PagerDuty’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts forecast that PagerDuty will post -0.27 earnings per share for the current fiscal year.

PagerDuty declared that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 10.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On PagerDuty

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in PagerDuty by 1.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,930 shares of the company’s stock valued at $930,000 after buying an additional 586 shares during the period. Alliancebernstein L.P. boosted its holdings in PagerDuty by 0.7% in the fourth quarter. Alliancebernstein L.P. now owns 92,621 shares of the company’s stock valued at $1,691,000 after purchasing an additional 674 shares during the period. Headlands Technologies LLC boosted its holdings in PagerDuty by 2,235.6% in the first quarter. Headlands Technologies LLC now owns 1,378 shares of the company’s stock valued at $25,000 after purchasing an additional 1,319 shares during the period. Summit Securities Group LLC purchased a new position in PagerDuty in the first quarter valued at $33,000. Finally, KBC Group NV purchased a new position in shares of PagerDuty in the 1st quarter valued at about $33,000. 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.