Alphabet Inc. Purchases 3,125,000 Shares of PayPay Corporation $PAYP

Key Points

• Alphabet acquired 3.125 million PayPay shares in the third quarter, worth about $49.1 million. The stake represents 0.46% of PayPay and about 0.1% of Alphabet’s portfolio.
• Analyst views are mixed, though the consensus rating is “Moderate Buy” with an average price target of $24. PayPay shares opened at $14.18, well below that target.
• PayPay reported quarterly EPS of $0.16, missing the $0.19 consensus estimate, on revenue of $749.66 million.

Alphabet Inc. acquired a new stake in PayPay Corporation (NASDAQ:PAYP - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,125,000 shares of the fintech company's stock, valued at approximately $49,062,000. PayPay makes up approximately 0.1% of Alphabet Inc.'s holdings, making the stock its 14th biggest position. Alphabet Inc. owned 0.46% of PayPay as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. lifted its stake in PayPay by 55.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 155,000 shares of the fintech company's stock worth $2,434,000 after purchasing an additional 55,000 shares during the period. BlueCrest Capital Management Ltd acquired a new position in shares of PayPay in the 2nd quarter worth approximately $1,791,000. NWF Advisory Services Inc. bought a new position in shares of PayPay during the 2nd quarter worth approximately $211,000. Finally, Center for Financial Planning Inc. bought a new position in shares of PayPay during the 3rd quarter worth approximately $103,000.

Analysts Set New Price Targets

Several research analysts have issued reports on PAYP shares. Weiss Ratings lowered PayPay from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, August 19th. Cantor Fitzgerald reduced their target price on shares of PayPay from $25.00 to $21.00 and set an "overweight" rating on the stock in a research note on Monday. Wolfe Research upped their target price on shares of PayPay from $18.00 to $21.00 and gave the stock an "outperform" rating in a report on Tuesday, August 25th. Citigroup dropped their target price on shares of PayPay from $18.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, November 5th. Finally, Mizuho cut their price target on shares of PayPay from $26.00 to $23.00 and set an "outperform" rating for the company in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $24.00.

PayPay Stock Performance

Shares of PAYP stock opened at $14.18 on Friday. PayPay Corporation has a 52 week low of $12.07 and a 52 week high of $24.89. The stock's fifty day moving average is $15.86 and its 200-day moving average is $16.98.

PayPay (NASDAQ:PAYP - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The fintech company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.03). The business had revenue of $749.66 million during the quarter. PayPay had a net margin of 15.75% and a return on equity of 16.34%. As a group, analysts predict that PayPay Corporation will post 0.76 earnings per share for the current fiscal year.

PayPay Company Profile

PayPay is a Japan-based digital payments and financial services company best known for its mobile payment app. Launched in 2018 through a partnership between SoftBank and Yahoo Japan, the service supports cashless transactions at participating merchants across Japan. Through its app, users can make in-store and online payments using QR codes or barcodes, send money to other users, and access related financial services. PayPay also provides payment tools for merchants, including options for accepting digital payments.

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