PagerDuty (NYSE:PD) Hits New 1-Year Low on Analyst Downgrade

PagerDuty, Inc. (NYSE:PD) shares reached a new 52-week low during mid-day 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 trading hands. The stock had previously closed at $18.29.

A number of other research firms have also commented on PD. Bank of America dropped their price target on PagerDuty from $28.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday. Craig Hallum reduced their target price on PagerDuty from $30.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday. TD Cowen reduced their price target on PagerDuty from $23.00 to $19.00 and set a “hold” rating for the company in a research note on Wednesday. Morgan Stanley dropped their price objective on PagerDuty from $24.00 to $19.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Royal Bank of Canada lowered their price target on PagerDuty from $27.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $21.91.

Insider Activity

In other PagerDuty news, CEO Jennifer Tejada sold 2,000 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $22.00, for a total transaction of $44,000.00. Following the completion of the transaction, the chief executive officer now owns 1,015,637 shares of the company’s stock, valued at approximately $22,344,014. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Shelley Webb sold 5,732 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $21.98, for a total transaction of $125,989.36. Following the transaction, the insider now directly owns 235,657 shares of the company’s stock, valued at $5,179,740.86. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer Tejada sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $22.00, for a total transaction of $44,000.00. Following the transaction, the chief executive officer now owns 1,015,637 shares in the company, valued at $22,344,014. The disclosure for this sale can be found here. Insiders sold a total of 110,244 shares of company stock valued at $2,316,980 in the last 90 days. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC lifted its holdings in shares of PagerDuty by 12.5% in the 2nd quarter. ARK Investment Management LLC now owns 10,604,295 shares of the company’s stock worth $243,156,000 after acquiring an additional 1,180,202 shares during the last quarter. Vanguard Group Inc. grew its position in shares of PagerDuty by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 9,631,790 shares of the company’s stock valued at $218,449,000 after buying an additional 33,454 shares during the last quarter. RGM Capital LLC grew its position in PagerDuty by 3.3% during the 2nd quarter. RGM Capital LLC now owns 4,504,394 shares of the company’s stock worth $103,286,000 after purchasing an additional 143,701 shares during the last quarter. Janus Henderson Group PLC grew its position in PagerDuty by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 3,450,388 shares of the company’s stock worth $78,254,000 after purchasing an additional 64,359 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in PagerDuty by 65.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,285,588 shares of the company’s stock worth $52,911,000 after purchasing an additional 904,136 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors and hedge funds.

PagerDuty Price Performance

The company has a market capitalization of $1.73 billion, a PE ratio of -17.90 and a beta of 1.05. The company’s 50-day simple moving average is $20.35 and its 200-day simple moving average is $21.11. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.59 and a current ratio of 2.59.

PagerDuty (NYSE:PD) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.17 by $0.04. The firm had revenue of $115.94 million during 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 business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.18) earnings per share. As a group, sell-side analysts anticipate 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.