Assenagon Asset Management S.A. Acquires New Shares in PAR Technology Corporation $PAR

Key Points

• Assenagon Asset Management acquired 67,772 PAR Technology shares worth approximately $933,000, representing about 0.16% of the company. Several other institutional investors also initiated or increased positions.
• Director Narinder Singh purchased 11,518 shares for roughly $200,000, increasing his holdings by 42.65%; insiders collectively own 2.30% of PAR Technology.
• PAR Technology beat quarterly earnings and revenue expectations, reporting $0.18 EPS on $133.41 million in revenue, up 18.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.61.

Assenagon Asset Management S.A. acquired a new stake in PAR Technology Corporation (NYSE:PAR - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 67,772 shares of the software maker's stock, valued at approximately $933,000. Assenagon Asset Management S.A. owned about 0.16% of PAR Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PAR. Bamco Inc. NY bought a new position in PAR Technology during the second quarter worth $38,000. State of Wyoming acquired a new position in shares of PAR Technology in the second quarter valued at $43,000. Versant Capital Management Inc increased its holdings in shares of PAR Technology by 325.5% in the second quarter. Versant Capital Management Inc now owns 5,110 shares of the software maker's stock valued at $89,000 after purchasing an additional 3,909 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of PAR Technology in the second quarter valued at about $116,000. Finally, Corsair Capital Management L.P. bought a new position in shares of PAR Technology in the first quarter valued at about $133,000.

Insiders Place Their Bets

In other news, Director Narinder Singh acquired 11,518 shares of PAR Technology stock in a transaction on Wednesday, August 12th. The shares were purchased at an average cost of $17.36 per share, for a total transaction of $199,952.48. Following the completion of the purchase, the director directly owned 38,527 shares of the company's stock, valued at approximately $668,828.72. This represents a 42.65% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

PAR Technology Stock Performance

Shares of NYSE:PAR opened at $18.14 on Friday. The business's 50 day simple moving average is $17.00 and its 200 day simple moving average is $15.97. PAR Technology Corporation has a 1 year low of $11.59 and a 1 year high of $40.54. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.21 and a quick ratio of 1.89.

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

Analyst Ratings Changes

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

About PAR Technology

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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