Royal Bank of Canada Cuts Pagerduty (NYSE:PD) Price Target to $43.00

Pagerduty (NYSE:PD) had its price objective dropped by analysts at Royal Bank of Canada to $43.00 in a research report issued on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 67.64% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. SunTrust Banks started coverage on shares of Pagerduty in a research note on Wednesday, October 2nd. They set a “hold” rating and a $32.00 target price for the company. Morgan Stanley lowered their price objective on Pagerduty from $43.00 to $34.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. TD Securities upgraded Pagerduty to a “top pick” rating and dropped their target price for the stock from $5.00 to $4.50 in a research report on Wednesday, September 4th. ValuEngine downgraded Pagerduty from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded Pagerduty from a “hold” rating to a “sell” rating in a research note on Saturday, November 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $33.93.

Shares of PD traded up $0.09 during midday trading on Wednesday, reaching $25.65. The stock had a trading volume of 27,720 shares, compared to its average volume of 740,520. The company’s fifty day simple moving average is $24.55 and its two-hundred day simple moving average is $37.38. Pagerduty has a 1-year low of $21.72 and a 1-year high of $59.82.

Pagerduty (NYSE:PD) last posted its earnings results on Thursday, September 5th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.12. The business had revenue of $40.40 million during the quarter, compared to analysts’ expectations of $39.12 million. Pagerduty’s revenue was up 45.8% compared to the same quarter last year. On average, analysts predict that Pagerduty will post -0.76 earnings per share for the current fiscal year.

In related news, VP Steven Chung sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $26.11, for a total value of $1,305,500.00. Following the completion of the sale, the vice president now owns 50,000 shares in the company, valued at $1,305,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 101,000 shares of company stock valued at $2,654,760 in the last quarter.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio acquired a new stake in Pagerduty in the 2nd quarter valued at about $70,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Pagerduty in the second quarter valued at about $85,000. Tower Research Capital LLC TRC acquired a new stake in shares of Pagerduty in the third quarter valued at approximately $63,000. Ladenburg Thalmann Financial Services Inc. acquired a new stake in shares of Pagerduty in the second quarter valued at approximately $113,000. Finally, Scotia Capital Inc. acquired a new stake in shares of Pagerduty in the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 54.00% of the company’s stock.

About Pagerduty

PagerDuty, Inc operates an On-Call Management platform. The company's platform collects signals from software-enabled system or device, correlates and interprets signals to identify events, and engages team members to take action in real time. It serves developer, IT, security, and customer support segments.

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