Scotiabank Initiates Coverage on PagerDuty (NYSE:PD)

Equities research analysts at Scotiabank started coverage on shares of PagerDuty (NYSE:PD) in a report released on Friday, Marketbeat.com reports. The firm set a “sector perform” rating and a $23.00 price target on the stock. Scotiabank’s price objective suggests a potential upside of 0.31% from the company’s previous close.

Several other brokerages have also recently commented on PD. Robert W. Baird decreased their target price on PagerDuty from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Truist Financial upgraded PagerDuty from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $25.00 to $30.00 in a research note on Monday, March 18th. Canaccord Genuity Group lowered their price target on PagerDuty from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Craig Hallum raised PagerDuty from a “hold” rating to a “buy” rating and lifted their price objective for the company from $21.00 to $30.00 in a report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. assumed coverage on PagerDuty in a report on Thursday. They issued a “neutral” rating and a $24.00 target price on the stock. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.90.

PagerDuty Stock Up 0.7 %

PD opened at $22.93 on Friday. PagerDuty has a 12 month low of $17.92 and a 12 month high of $26.70. The company has a debt-to-equity ratio of 2.58, a current ratio of 2.59 and a quick ratio of 2.59. The stock has a market cap of $2.19 billion, a P/E ratio of -22.70 and a beta of 1.00. The stock’s 50 day moving average price is $20.50 and its 200 day moving average price is $22.41.

PagerDuty (NYSE:PD) last issued its quarterly earnings results on Thursday, May 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $111.17 million for the quarter, compared to analysts’ expectations of $111.74 million. PagerDuty had a negative return on equity of 28.38% and a negative net margin of 21.34%. As a group, research analysts predict that PagerDuty will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Mitra Rezvan sold 2,215 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $21.62, for a total transaction of $47,888.30. Following the completion of the transaction, the chief accounting officer now directly owns 119,452 shares in the company, valued at approximately $2,582,552.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other PagerDuty news, insider Shelley Webb sold 6,859 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $22.39, for a total value of $153,573.01. Following the transaction, the insider now directly owns 253,439 shares of the company’s stock, valued at approximately $5,674,499.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mitra Rezvan sold 2,215 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $21.62, for a total transaction of $47,888.30. Following the completion of the transaction, the chief accounting officer now directly owns 119,452 shares in the company, valued at $2,582,552.24. The disclosure for this sale can be found here. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its position in PagerDuty by 65.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,285,588 shares of the company’s stock valued at $52,911,000 after buying an additional 904,136 shares in the last quarter. ARK Investment Management LLC lifted its holdings in shares of PagerDuty by 8.1% during the fourth quarter. ARK Investment Management LLC now owns 11,413,423 shares of the company’s stock worth $264,221,000 after purchasing an additional 858,838 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of PagerDuty by 50.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,160,281 shares of the company’s stock worth $50,011,000 after purchasing an additional 728,152 shares during the period. Norges Bank bought a new position in PagerDuty during the fourth quarter worth $15,912,000. Finally, Vanguard Group Inc. raised its stake in PagerDuty by 5.8% during the third quarter. Vanguard Group Inc. now owns 9,802,821 shares of the company’s stock worth $220,465,000 after buying an additional 536,763 shares during the last quarter. 97.26% of the stock is owned by 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.