Lord Abbett & CO. LLC Buys 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 acquired a new position in shares of PAR Technology Corporation (NYSE:PAR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 204,666 shares of the software maker's stock, valued at approximately $12,554,000. Lord Abbett & CO. LLC owned about 0.51% of PAR Technology at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its position in PAR Technology by 8,616.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the software maker's stock worth $32,000 after purchasing an additional 517 shares during the last quarter. Russell Investments Group Ltd. increased its position in PAR Technology by 415.9% during the 1st quarter. Russell Investments Group Ltd. now owns 43,213 shares of the software maker's stock valued at $2,651,000 after buying an additional 34,837 shares in the last quarter. Nuveen LLC purchased a new position in shares of PAR Technology in the 1st quarter worth $24,500,000. Rovida Advisors Inc. boosted its holdings in shares of PAR Technology by 30.6% in the 1st quarter. Rovida Advisors Inc. now owns 326,494 shares of the software maker's stock worth $20,027,000 after purchasing an additional 76,494 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of PAR Technology by 17.8% during the 1st quarter. Invesco Ltd. now owns 1,512,347 shares of the software maker's stock worth $92,767,000 after purchasing an additional 228,369 shares during the last quarter.

PAR Technology Trading Down 0.6%

Shares of PAR traded down $0.2850 during trading hours on Thursday, hitting $51.1750. 85,560 shares of the stock were exchanged, compared to its average volume of 513,338. PAR Technology Corporation has a fifty-two week low of $46.24 and a fifty-two week high of $82.24. The firm has a market capitalization of $2.08 billion, a P/E ratio of -22.63 and a beta of 1.70. The business has a 50-day moving average of $63.23 and a 200-day moving average of $63.03. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.70 and a quick ratio of 1.49.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PAR. Needham & Company LLC reaffirmed a "buy" rating and issued a $90.00 price target on shares of PAR Technology in a research note on Friday, July 11th. Benchmark lowered their target price on PAR Technology from $92.00 to $77.00 and set a "buy" rating on the stock in a report on Tuesday. BTIG Research raised PAR Technology from a "neutral" rating to a "buy" rating and set a $65.00 price objective on the stock in a research report on Friday, August 15th. Finally, The Goldman Sachs Group boosted their price objective on PAR Technology from $57.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, PAR Technology has an average rating of "Moderate Buy" and an average price target of $78.43.

About PAR Technology

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.