PagerDuty (NYSE:PD) Shares Gap Up After Analyst Upgrade

Shares of PagerDuty, Inc. (NYSE:PD) gapped up prior to trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $22.00 to $24.00. The stock had previously closed at $20.91, but opened at $21.76. Royal Bank of Canada currently has an outperform rating on the stock. PagerDuty shares last traded at $20.88, with a volume of 116,763 shares trading hands.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of PagerDuty from $21.00 to $20.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Canaccord Genuity Group dropped their price target on PagerDuty from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Scotiabank cut their price objective on PagerDuty from $23.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday, September 4th. Robert W. Baird lowered their target price on PagerDuty from $22.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Craig Hallum cut their price target on shares of PagerDuty from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $22.00.

Insider Activity

In other PagerDuty news, insider Shelley Webb sold 6,246 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $18.12, for a total transaction of $113,177.52. Following the transaction, the insider now owns 216,572 shares of the company’s stock, valued at $3,924,284.64. The trade was a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mitra Rezvan sold 2,942 shares of PagerDuty stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $18.06, for a total value of $53,132.52. Following the transaction, the chief accounting officer now owns 108,449 shares of the company’s stock, valued at $1,958,588.94. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,396 shares of company stock worth $1,733,561 in the last quarter. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC increased its position in PagerDuty by 12.5% during the 2nd quarter. ARK Investment Management LLC now owns 10,604,295 shares of the company’s stock worth $243,156,000 after buying an additional 1,180,202 shares during the period. Vanguard Group Inc. raised its stake in PagerDuty by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 9,631,790 shares of the company’s stock worth $218,449,000 after purchasing an additional 33,454 shares in the last quarter. RGM Capital LLC boosted its holdings in PagerDuty by 1.3% in the 3rd quarter. RGM Capital LLC now owns 4,564,296 shares of the company’s stock valued at $84,668,000 after purchasing an additional 59,902 shares during the period. Geode Capital Management LLC grew its position in shares of PagerDuty by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company’s stock worth $39,915,000 after purchasing an additional 37,147 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of PagerDuty by 24.2% during the third quarter. Barclays PLC now owns 901,120 shares of the company’s stock worth $16,716,000 after purchasing an additional 175,733 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

PagerDuty Price Performance

The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 2.38. The company’s fifty day moving average price is $18.68 and its 200 day moving average price is $19.59. The company has a market capitalization of $1.88 billion, a P/E ratio of -22.97 and a beta of 1.07.

PagerDuty (NYSE:PD) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. The firm had revenue of $115.94 million for the quarter, compared to analyst estimates of $116.52 million. PagerDuty had a negative return on equity of 25.83% and a negative net margin of 18.58%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.18) EPS. As a group, sell-side analysts forecast that PagerDuty, Inc. will post -0.37 EPS 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.