Lord Abbett & CO. LLC Purchases New Holdings in PAR Technology Corporation $PAR

Key Points

• Lord Abbett & CO. LLC acquired 204,666 shares of PAR Technology Corporation, valued at approximately $12.55 million, making a significant investment in the company.
• Research analysts have varying opinions on PAR Technology, with Goldman Sachs raising its price target to $65.00 and Needham & Company setting a buy rating at $90.00.
• PAR Technology reported a quarterly revenue increase of 43.8% year-over-year, although it still missed EPS estimates with a loss of $0.03 per share.

Lord Abbett & CO. LLC purchased a new position in shares of PAR Technology Corporation (NYSE:PAR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 204,666 shares of the software maker's stock, valued at approximately $12,554,000. Lord Abbett & CO. LLC owned approximately 0.51% of PAR Technology at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Farther Finance Advisors LLC raised its holdings in shares of PAR Technology by 8,631.3% during the first quarter. Farther Finance Advisors LLC now owns 1,397 shares of the software maker's stock valued at $86,000 after acquiring an additional 1,381 shares during the last quarter. Rovida Advisors Inc. grew its position in PAR Technology by 30.6% in the first quarter. Rovida Advisors Inc. now owns 326,494 shares of the software maker's stock worth $20,027,000 after acquiring an additional 76,494 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of PAR Technology during the fourth quarter worth $350,000. Deutsche Bank AG boosted its position in shares of PAR Technology by 97.2% during the fourth quarter. Deutsche Bank AG now owns 38,863 shares of the software maker's stock worth $2,824,000 after buying an additional 19,159 shares during the period. Finally, Commerce Bank purchased a new position in shares of PAR Technology during the first quarter worth $267,000.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PAR shares. BTIG Research upgraded PAR Technology from a "neutral" rating to a "buy" rating and set a $65.00 target price for the company in a report on Friday. Benchmark decreased their target price on PAR Technology from $92.00 to $77.00 and set a "buy" rating for the company in a report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $90.00 target price on shares of PAR Technology in a report on Friday, July 11th. Finally, The Goldman Sachs Group raised their price target on PAR Technology from $57.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $78.43.

PAR Technology Stock Performance

PAR stock traded down $0.6710 during trading on Tuesday, hitting $51.5790. The company had a trading volume of 649,273 shares, compared to its average volume of 515,290. The firm has a market cap of $2.09 billion, a PE ratio of -22.92 and a beta of 1.70. PAR Technology Corporation has a 1-year low of $46.24 and a 1-year high of $82.24. The firm has a 50-day moving average price of $63.80 and a 200-day moving average price of $63.19. The company has a quick ratio of 1.49, a current ratio of 1.70 and a debt-to-equity ratio of 0.43.

PAR Technology (NYSE:PAR - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. The software maker reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). The company had revenue of $112.40 million during the quarter, compared to analyst estimates of $111.02 million. PAR Technology had a negative net margin of 20.64% and a negative return on equity of 3.16%. The business's revenue was up 43.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) EPS. On average, analysts expect that PAR Technology Corporation will post -1.47 earnings per share for the current year.

PAR Technology Company Profile

PAR Technology Corporation, together with its subsidiaries, provides omnichannel cloud-based hardware and software solutions to the restaurant and retail industries worldwide. The Restaurant/Retail segment offers PUNCHH, an enterprise-grade customer loyalty and engagement solution; MENU, an eCommerce platform for restaurant brands; BRINK POS, an open cloud, point-of-sale solution; PAR PAYMENT SERVICES, a merchant services business that enables electronic payment and processing services for businesses; and DATA CENTRAL, a back-office solution that leverages business intelligence and automation technologies.