Fred Alger Management LLC Sells 61,608 Shares of PAR Technology Corporation $PAR

Key Points

• Fred Alger Management LLC reduced its position in PAR Technology Corporation by 19.8%, selling 61,608 shares to own 250,233 shares worth approximately $15.3 million.
• Several hedge funds increased their stakes in PAR Technology during the first quarter, with Vanguard Group and Voss Capital among those boosting their holdings significantly.
• PAR Technology's stock has a consensus rating of "Moderate Buy" with a new target price ranging from $65.00 to $90.00 set by various brokerages, while the stock is currently trading at $47.93.

Fred Alger Management LLC trimmed its position in PAR Technology Corporation (NYSE:PAR - Free Report) by 19.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,233 shares of the software maker's stock after selling 61,608 shares during the period. Fred Alger Management LLC owned approximately 0.62% of PAR Technology worth $15,349,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of PAR Technology by 8,631.3% in the 1st quarter. Farther Finance Advisors LLC now owns 1,397 shares of the software maker's stock valued at $86,000 after acquiring an additional 1,381 shares during the period. Russell Investments Group Ltd. raised its holdings 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 worth $2,651,000 after buying an additional 34,837 shares during the period. Rovida Advisors Inc. grew its stake in shares of PAR Technology by 30.6% during the 1st quarter. Rovida Advisors Inc. now owns 326,494 shares of the software maker's stock worth $20,027,000 after acquiring an additional 76,494 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of PAR Technology during the 4th quarter worth approximately $350,000. Finally, Deutsche Bank AG grew its stake in shares of PAR Technology by 97.2% in the fourth quarter. Deutsche Bank AG now owns 38,863 shares of the software maker's stock valued at $2,824,000 after buying an additional 19,159 shares in the last quarter.

PAR Technology Stock Down 3.7%

NYSE PAR traded down $1.69 on Friday, reaching $44.04. The company had a trading volume of 1,376,358 shares, compared to its average volume of 794,068. The stock has a market capitalization of $1.79 billion, a P/E ratio of -19.57 and a beta of 1.64. The company's fifty day moving average is $57.71 and its 200 day moving average is $60.85. PAR Technology Corporation has a 52-week low of $43.95 and a 52-week high of $82.24. The company has a quick ratio of 1.49, a current ratio of 1.70 and a debt-to-equity ratio of 0.43.

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

Wall Street Analyst Weigh In

PAR has been the subject of a number of research reports. Benchmark dropped their target price on PAR Technology from $92.00 to $77.00 and set a "buy" rating for the company in a report on Tuesday, August 19th. BTIG Research upgraded PAR Technology from a "neutral" rating to a "buy" rating and set a $65.00 target price on the stock in a report on Friday, August 15th. Finally, Needham & Company LLC restated a "buy" rating and set a $90.00 price target on shares of PAR Technology in a report on Friday, July 11th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, PAR Technology has an average rating of "Moderate Buy" and a consensus price target of $78.43.

PAR Technology Profile

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.