Why PagerDuty Stock Jumped Today

Shares of PagerDuty (NYSE: PD) have jumped today, up by 4% as of 1:10 p.m. EDT, after getting a bullish initiation from Wall Street. Monness Crespi Hardt analyst Brian White kicked off coverage of PagerDuty with a buy rating and $35 price target.

PagerDuty is positioned to capitalize as more companies accelerate digital transformations due to the COVID-19 pandemic, according to White. The company is comparable to other enterprise software providers while offering more reasonable valuations. Shares currently trade at around 11 times sales, which is cheaper than peers.

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Source Fool.com