Morgan Stanley Has Lowered Expectations for PagerDuty (NYSE:PD) Stock Price

PagerDuty (NYSE:PD - Free Report) had its price objective reduced by Morgan Stanley from $20.00 to $17.00 in a report issued on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other brokerages have also issued reports on PD. Canaccord Genuity Group decreased their price objective on PagerDuty from $24.00 to $23.00 and set a "buy" rating for the company in a report on Friday, March 14th. Royal Bank of Canada lowered their price target on PagerDuty from $24.00 to $22.00 and set an "outperform" rating on the stock in a report on Friday, March 14th. The Goldman Sachs Group reduced their price objective on shares of PagerDuty from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Friday, March 14th. Truist Financial lowered their target price on shares of PagerDuty from $30.00 to $26.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Finally, Bank of America lowered shares of PagerDuty from a "buy" rating to an "underperform" rating and reduced their price target for the stock from $23.00 to $18.00 in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $20.55.

PagerDuty Stock Performance

NYSE:PD traded down $0.37 during midday trading on Wednesday, reaching $14.72. 1,343,708 shares of the company traded hands, compared to its average volume of 1,077,790. PagerDuty has a twelve month low of $14.40 and a twelve month high of $23.12. The company has a debt-to-equity ratio of 3.52, a current ratio of 1.97 and a quick ratio of 1.97. The company has a fifty day moving average price of $17.43 and a 200 day moving average price of $18.46. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -18.40 and a beta of 1.06.

PagerDuty (NYSE:PD - Get Free Report) last released its quarterly earnings results on Thursday, March 13th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.16 by $0.06. The business had revenue of $121.45 million during the quarter, compared to analyst estimates of $119.53 million. PagerDuty had a negative net margin of 16.29% and a negative return on equity of 22.02%. The company's quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.17 earnings per share. On average, analysts expect that PagerDuty will post -0.27 EPS for the current fiscal year.

PagerDuty declared that its Board of Directors has initiated a share buyback program on Thursday, March 13th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other PagerDuty news, CEO Jennifer Tejada sold 1,569 shares of the firm's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $20.00, for a total value of $31,380.00. Following the completion of the transaction, the chief executive officer now directly owns 868,311 shares in the company, valued at $17,366,220. This trade represents a 0.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 7.60% of the company's stock.

Institutional Investors Weigh In On PagerDuty

Several hedge funds have recently made changes to their positions in PD. Janus Henderson Group PLC boosted its position in PagerDuty by 2.1% during the 4th quarter. Janus Henderson Group PLC now owns 3,056,795 shares of the company's stock worth $55,817,000 after acquiring an additional 61,456 shares during the period. Geode Capital Management LLC lifted its position in PagerDuty by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,151,314 shares of the company's stock worth $39,915,000 after buying an additional 37,147 shares in the last quarter. JPMorgan Chase & Co. lifted its position in PagerDuty by 285.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,263,841 shares of the company's stock worth $23,444,000 after buying an additional 936,257 shares in the last quarter. Barclays PLC boosted its stake in shares of PagerDuty by 2.0% during the 4th quarter. Barclays PLC now owns 918,762 shares of the company's stock valued at $16,777,000 after buying an additional 17,642 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of PagerDuty by 4.0% during the 4th quarter. Northern Trust Corp now owns 907,074 shares of the company's stock valued at $16,563,000 after acquiring an additional 35,026 shares in the last quarter. Hedge funds and other institutional investors own 97.26% of the company's stock.

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.