Bank of America Corp DE Acquires New Shares in PAR Technology Corporation $PAR

Key Points

• Bank of America acquired 297,398 shares of PAR Technology in the second quarter, worth approximately $5.18 million and representing a 0.72% stake. Several other institutional investors also increased or initiated positions.
• Analyst sentiment is generally positive, with five Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with a $24.61 target price.
• PAR Technology reported quarterly revenue of $133.41 million, up 18.7% year over year, and earnings of $0.18 per share versus estimates of $0.12. Shares opened at $13.66, well below their 52-week high of $40.54.

Bank of America Corp DE purchased a new stake in PAR Technology Corporation (NYSE:PAR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 297,398 shares of the software maker's stock, valued at approximately $5,181,000. Bank of America Corp DE owned 0.72% of PAR Technology as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. ProShare Advisors LLC grew its holdings in PAR Technology by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 7,330 shares of the software maker's stock worth $266,000 after purchasing an additional 471 shares during the period. Pring Turner Capital Group Inc. grew its stake in shares of PAR Technology by 27.2% in the 4th quarter. Pring Turner Capital Group Inc. now owns 6,916 shares of the software maker's stock valued at $251,000 after buying an additional 1,480 shares during the period. State of Wyoming bought a new stake in PAR Technology in the 2nd quarter valued at about $43,000. Corient Private Wealth LLC increased its position in PAR Technology by 6.0% in the 4th quarter. Corient Private Wealth LLC now owns 45,262 shares of the software maker's stock valued at $1,642,000 after buying an additional 2,572 shares in the last quarter. Finally, MidFirst Bank acquired a new position in PAR Technology during the 4th quarter worth approximately $113,000.

Wall Street Analyst Weigh In

PAR has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on PAR Technology from $18.00 to $20.50 and gave the company a "neutral" rating in a research note on Thursday, July 9th. UBS Group set a $16.00 price objective on shares of PAR Technology in a research note on Tuesday, June 9th. Royal Bank Of Canada set a $16.00 target price on PAR Technology in a research note on Tuesday, June 9th. Weiss Ratings raised shares of PAR Technology from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. Finally, BTIG Research cut their price target on PAR Technology from $45.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Five 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.61.

PAR Technology Stock Down 2.9%

Shares of NYSE:PAR opened at $13.66 on Tuesday. The company has a market cap of $564.85 million, a price-to-earnings ratio of -7.76 and a beta of 1.33. PAR Technology Corporation has a one year low of $11.59 and a one year high of $40.54. The firm has a fifty day moving average price of $17.45 and a two-hundred day moving average price of $15.75. 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 earnings results on Thursday, August 6th. The software maker reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. PAR Technology had a negative return on equity of 1.62% and a negative net margin of 14.52%.The business had revenue of $133.41 million for the quarter, compared to analyst estimates of $124.66 million. During the same period in the prior year, the company earned $0.03 EPS. The company's quarterly revenue was up 18.7% compared to the same quarter last year. Analysts anticipate that PAR Technology Corporation will post -0.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Narinder Singh acquired 11,518 shares of PAR Technology stock in a transaction dated 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 transaction, the director owned 38,527 shares of the company's stock, valued at $668,828.72. This trade represents a 42.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company's stock.

PAR Technology Profile

PAR Technology Corporation provides technology solutions for restaurants and other foodservice businesses. Its products are designed to support front-of-house and back-of-house operations, including point-of-sale transactions, payment processing, customer engagement, loyalty programs, workforce management, inventory management and restaurant analytics.

The company's platform includes Brink POS, a cloud-based point-of-sale system for restaurant operators, as well as PAR Pay payment solutions and customer engagement technology associated with Punchh.

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