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Fly News Breaks for December 6, 2019
Dec 6, 2019 | 08:00 EDT
JPMorgan analyst Sterling Auty lowered his price target for PagerDuty to $38 from $60 while keeping an Overweight rating on the shares post the company's Q3 results. The key metric coming into earnings was net dollar expansion rate that had declined to 132% last quarter, and investors were looking for improvement, Auty tells investors in a research note. Unfortunately, the metric continued to slide to 129% on lower sales productivity ramp from new sales reps, says the analyst. However, Auty believes this does not change PagerDuty's fundamental long-term outlook.