PagerDuty (NYSE:PD) Reaches New 52-Week Low on Analyst Downgrade

Shares of PagerDuty, Inc. (NYSE:PD) reached a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $24.00 to $21.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. PagerDuty traded as low as $16.21 and last traded at $16.21, with a volume of 59932 shares. The stock had previously closed at $18.29.

Several other equities research analysts also recently commented on the company. Royal Bank of Canada dropped their target price on PagerDuty from $27.00 to $22.00 and set an “outperform” rating on the stock in a report on Wednesday. Canaccord Genuity Group reduced their target price on shares of PagerDuty from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday. TD Cowen decreased their target price on shares of PagerDuty from $23.00 to $19.00 and set a “hold” rating for the company in a research note on Wednesday. Robert W. Baird dropped their price target on shares of PagerDuty from $22.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Scotiabank cut their price objective on shares of PagerDuty from $23.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, PagerDuty presently has a consensus rating of “Hold” and a consensus price target of $21.91.

Insiders Place Their Bets

In other news, insider Shelley Webb sold 5,732 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $21.98, for a total value of $125,989.36. Following the completion of the sale, the insider now owns 235,657 shares in the company, valued at $5,179,740.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Shelley Webb sold 5,732 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $21.98, for a total transaction of $125,989.36. Following the completion of the sale, the insider now directly owns 235,657 shares in the company, valued at $5,179,740.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jennifer Tejada sold 18,750 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $20.09, for a total value of $376,687.50. Following the completion of the transaction, the chief executive officer now owns 1,010,861 shares in the company, valued at approximately $20,308,197.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,244 shares of company stock worth $2,316,980. 7.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quarry LP boosted its stake in PagerDuty by 1,537.2% during the 2nd quarter. Quarry LP now owns 1,408 shares of the company’s stock valued at $32,000 after purchasing an additional 1,322 shares during the period. First Horizon Advisors Inc. raised its position in shares of PagerDuty by 28.0% during the second quarter. First Horizon Advisors Inc. now owns 2,323 shares of the company’s stock valued at $53,000 after buying an additional 508 shares during the last quarter. Fred Alger Management LLC lifted its stake in shares of PagerDuty by 170.6% in the second quarter. Fred Alger Management LLC now owns 2,503 shares of the company’s stock valued at $57,000 after buying an additional 1,578 shares during the period. Cambridge Trust Co. acquired a new stake in PagerDuty during the first quarter worth about $68,000. Finally, Headlands Technologies LLC bought a new position in PagerDuty during the second quarter valued at about $114,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

PagerDuty Stock Performance

The firm has a fifty day simple moving average of $20.26 and a 200 day simple moving average of $21.09. The company has a current ratio of 2.59, a quick ratio of 2.59 and a debt-to-equity ratio of 2.58. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -18.22 and a beta of 1.05.

PagerDuty (NYSE:PD) last posted its earnings results on Tuesday, September 3rd. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The business had revenue of $115.94 million for the quarter, compared to analysts’ expectations of $116.52 million. PagerDuty had a negative net margin of 21.34% and a negative return on equity of 28.38%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. As a group, sell-side analysts expect that PagerDuty, Inc. will post -0.44 earnings per share for the current year.

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.