Cannell & Spears LLC Sells 73,214 Shares of PAR Technology Corporation $PAR

Key Points

• Cannell & Spears LLC cut its PAR Technology stake by 36.8% in the first quarter, selling 73,214 shares and leaving it with 125,582 shares worth about $1.67 million.
• Insider activity was mixed: major shareholder Voss Capital bought 594,900 shares in May, while insider Cathy A. King sold 20,000 shares in June under a Rule 10b5-1 plan.
• Analysts remain cautiously positive on PAR, with a consensus rating of “Moderate Buy” and an average price target of $26.17, even though the stock recently traded around $15.42.

Cannell & Spears LLC reduced its stake in PAR Technology Corporation (NYSE:PAR - Free Report) by 36.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,582 shares of the software maker's stock after selling 73,214 shares during the period. Cannell & Spears LLC owned 0.30% of PAR Technology worth $1,668,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. increased its position in PAR Technology by 3.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,916,459 shares of the software maker's stock valued at $214,650,000 after buying an additional 201,782 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PAR Technology by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 3,304,052 shares of the software maker's stock worth $119,871,000 after acquiring an additional 12,250 shares in the last quarter. Progeny 3 Inc. boosted its holdings in PAR Technology by 18.7% in the fourth quarter. Progeny 3 Inc. now owns 2,056,308 shares of the software maker's stock worth $74,603,000 after acquiring an additional 323,990 shares in the last quarter. Reinhart Partners LLC. grew its stake in PAR Technology by 45.6% in the fourth quarter. Reinhart Partners LLC. now owns 1,309,860 shares of the software maker's stock valued at $47,522,000 after acquiring an additional 410,183 shares during the period. Finally, Greenstone Partners & Co. LLC acquired a new stake in PAR Technology in the fourth quarter valued at approximately $36,981,000.

Insider Activity at PAR Technology

In other PAR Technology news, major shareholder Voss Capital, Lp bought 594,900 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were purchased at an average price of $14.59 per share, for a total transaction of $8,679,591.00. Following the purchase, the insider directly owned 4,675,000 shares of the company's stock, valued at approximately $68,208,250. This represents a 14.58% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cathy A. King sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $15.38, for a total value of $307,600.00. Following the completion of the transaction, the insider directly owned 122,919 shares of the company's stock, valued at approximately $1,890,494.22. This represents a 13.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have acquired 1,069,900 shares of company stock worth $15,568,965. Insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

PAR has been the topic of a number of research reports. JPMorgan Chase & Co. upped their target price on PAR Technology from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 24th. Royal Bank Of Canada set a $16.00 price target on PAR Technology in a research note on Tuesday, June 9th. Jefferies Financial Group set a $18.00 price objective on PAR Technology in a research note on Saturday, May 9th. The Goldman Sachs Group raised their target price on PAR Technology from $18.00 to $20.50 and gave the company a "neutral" rating in a report on Thursday, July 9th. Finally, UBS Group set a $16.00 target price on PAR Technology in a research report on Tuesday, June 9th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $26.17.

PAR Technology Stock Performance

Shares of PAR stock opened at $15.42 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.10 and a quick ratio of 1.83. The firm has a 50-day moving average of $15.71 and a 200-day moving average of $18.65. PAR Technology Corporation has a one year low of $11.59 and a one year high of $68.98. The company has a market cap of $635.91 million, a P/E ratio of -8.24 and a beta of 1.32.

PAR Technology (NYSE:PAR - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The software maker reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. PAR Technology had a negative net margin of 16.04% and a negative return on equity of 2.57%. The business had revenue of $123.97 million for the quarter, compared to analysts' expectations of $116.88 million. During the same period in the previous year, the company earned ($0.01) earnings per share. The firm's revenue for the quarter was up 19.4% compared to the same quarter last year. Equities research analysts forecast that PAR Technology Corporation will post -0.16 EPS for the current fiscal year.

PAR Technology Company Profile

PAR Technology Corp is a provider of enterprise software and hardware solutions for the hospitality, foodservice and retail industries. The company's platforms are designed to streamline front- and back-of-house operations, covering point-of-sale (POS) systems, kitchen display and dispatch, inventory and labor management, and reporting tools. PAR's integrated approach enables operators of full-service restaurants, quick-service chains, bars, hotels, casinos and retail outlets to centralize data and automate workflows across multiple sites.

Key offerings include PAR Brink, a cloud-native POS application that supports touchscreen, mobile and tablet devices; PAR Cloud Services, which delivers software updates, reporting and analytics through a subscription model; and hardware solutions such as payment terminals, handheld devices and self-service kiosks.

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