Pagerduty (NYSE:PD) Rating Lowered to Sell at Zacks Investment Research

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Pagerduty (NYSE:PD) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “Pagerduty Inc. provides digital operations management solutions. The Company offers software as a service based platform PagerDuty, which helps developers, DevOps, information technology operations and business to prevent and resolve business impacting incidents. Pagerduty Inc. is based in San Francisco, United States. “

A number of other analysts also recently issued reports on the company. Morgan Stanley lowered their price target on Pagerduty from $43.00 to $34.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada set a $49.00 price target on Pagerduty and gave the stock a “buy” rating in a research report on Tuesday, September 24th. ValuEngine downgraded Pagerduty from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Robert W. Baird began coverage on Pagerduty in a research report on Monday, October 14th. They issued an “outperform” rating and a $31.00 price target for the company. Finally, SunTrust Banks began coverage on Pagerduty in a research report on Wednesday, October 2nd. They issued a “hold” rating and a $32.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $34.48.

Shares of NYSE PD traded down $0.03 during midday trading on Thursday, reaching $22.34. 618,087 shares of the stock traded hands, compared to its average volume of 738,892. Pagerduty has a one year low of $21.72 and a one year high of $59.82. The company’s 50 day moving average is $25.97 and its 200 day moving average is $39.96.

Pagerduty (NYSE:PD) last posted its earnings results on Thursday, September 5th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.12. The firm had revenue of $40.40 million for the quarter, compared to the consensus estimate of $39.12 million. The company’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, equities analysts predict that Pagerduty will post -0.76 EPS for the current fiscal year.

In related news, VP Steven Chung sold 50,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.51, for a total value of $1,325,500.00.

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. bought a new stake in shares of Pagerduty during the second quarter worth $30,808,000. Jennison Associates LLC purchased a new position in shares of Pagerduty during the second quarter valued at $248,000. Carillon Tower Advisers Inc. purchased a new position in shares of Pagerduty during the second quarter valued at $13,032,000. Morgan Stanley purchased a new position in shares of Pagerduty during the second quarter valued at $13,436,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Pagerduty during the second quarter valued at $157,000. Institutional investors and hedge funds own 49.33% of the company’s stock.

Pagerduty Company Profile

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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