PagerDuty price target lowered to $18 from $20 at RBC Capital

RBC Capital lowered the firm’s price target on PagerDuty (PD) to $18 from $20 and keeps an Outperform rating on the shares. The company posted a mixed quarter and outlook as seat-based optimizations accelerated and organizations rationalize spend, the analyst tells investors in a research note. PagerDuty’s profitability outperformance remains impressive however, including its first GAAP profitable quarter, RBC added, stating that while its seat-based pressures are expected to continue, the management points to improved execution.