100,513 PAR Technology Corporation $PAR Shares Sold by Redmond Asset Management LLC

Key Points

• Redmond Asset Management reduced its PAR Technology stake by 30.3%, selling 100,513 shares and retaining 231,068 shares valued at approximately $3.18 million at quarter-end.
• PAR Technology exceeded quarterly expectations with $0.18 EPS versus the $0.12 consensus and revenue of $133.41 million, up 18.7% year over year, although the company remained unprofitable overall.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $24.61, while shares recently traded near $17.13; a company director also purchased 11,518 shares.

Redmond Asset Management LLC cut its holdings in PAR Technology Corporation (NYSE:PAR - Free Report) by 30.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 231,068 shares of the software maker's stock after selling 100,513 shares during the period. PAR Technology accounts for approximately 0.9% of Redmond Asset Management LLC's portfolio, making the stock its 28th biggest holding. Redmond Asset Management LLC's holdings in PAR Technology were worth $3,179,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. BlackRock Inc. bought a new stake in PAR Technology during the 2nd quarter valued at approximately $70,563,000. Bandera Partners LLC bought a new position in PAR Technology in the 1st quarter worth approximately $9,331,000. Renaissance Technologies LLC acquired a new position in shares of PAR Technology during the first quarter worth approximately $5,508,000. Visionary Wealth Advisors acquired a new position in shares of PAR Technology during the second quarter worth approximately $6,844,000. Finally, Rice Hall James & Associates LLC acquired a new position in shares of PAR Technology during the second quarter worth approximately $6,601,000.

Insider Activity

In other news, Director Narinder Singh purchased 11,518 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $17.36 per share, with a total value of $199,952.48. Following the completion of the purchase, the director directly owned 38,527 shares of the company's stock, valued at $668,828.72. The trade was a 42.65% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company's stock.

PAR Technology Trading Up 1.5%

Shares of PAR opened at $17.13 on Thursday. The company has a current ratio of 2.21, a quick ratio of 1.89 and a debt-to-equity ratio of 0.52. The stock has a market cap of $708.67 million, a PE ratio of -9.73 and a beta of 1.35. PAR Technology Corporation has a 1 year low of $11.59 and a 1 year high of $40.54. The stock has a 50 day simple moving average of $16.85 and a 200-day simple moving average of $17.73.

PAR Technology (NYSE:PAR - Get Free Report) last announced its earnings results on Thursday, August 6th. The software maker reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. The business had revenue of $133.41 million during the quarter, compared to analysts' expectations of $124.66 million. PAR Technology had a negative net margin of 14.52% and a negative return on equity of 1.62%. The firm's revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter last year, the company posted $0.03 EPS. On average, sell-side analysts predict that PAR Technology Corporation will post -0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PAR has been the topic of a number of research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of PAR Technology in a research report on Monday, September 28th. The Goldman Sachs Group increased their price target on shares of PAR Technology from $18.00 to $20.50 and gave the company a "neutral" rating in a report on Thursday, July 9th. BTIG Research decreased their price target on shares of PAR Technology from $45.00 to $30.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of PAR Technology from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of PAR Technology from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 27th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.61.

PAR Technology Profile

PAR Technology Corporation NYSE: PAR provides technology solutions for the restaurant and hospitality industries. Its offerings include point-of-sale systems, restaurant management software, digital ordering, loyalty and customer-engagement tools, payment solutions, workforce management, and related hardware and support services.

The company's portfolio includes Brink POS, a cloud-based restaurant point-of-sale platform, and Punchh, a customer loyalty and engagement platform. PAR also provides tools designed to help restaurant operators manage digital channels, payments, data, and guest relationships through integrated technology solutions.

Founded in 1968, PAR Technology has expanded from its origins in restaurant and hospitality technology through organic development and acquisitions, including Punchh and Stuzo.

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