Fred Alger Management LLC Cuts Stock Holdings in 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 cut its holdings in PAR Technology Corporation (NYSE:PAR - Free Report) by 19.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 250,233 shares of the software maker's stock after selling 61,608 shares during the period. Fred Alger Management LLC owned 0.62% of PAR Technology worth $15,349,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PAR. The Manufacturers Life Insurance Company lifted its holdings in PAR Technology by 1.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 17,303 shares of the software maker's stock valued at $1,257,000 after acquiring an additional 168 shares during the last quarter. Northern Trust Corp lifted its holdings in PAR Technology by 7.4% in the fourth quarter. Northern Trust Corp now owns 352,079 shares of the software maker's stock valued at $25,586,000 after acquiring an additional 24,248 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in PAR Technology in the fourth quarter valued at approximately $350,000. Balyasny Asset Management L.P. lifted its holdings in PAR Technology by 16.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 40,793 shares of the software maker's stock valued at $2,964,000 after acquiring an additional 5,862 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in PAR Technology by 176.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 103,010 shares of the software maker's stock valued at $7,486,000 after acquiring an additional 65,813 shares during the last quarter.

PAR Technology Trading Down 3.7%

NYSE:PAR traded down $1.69 during trading hours on Friday, reaching $44.04. 1,376,358 shares of the stock were exchanged, compared to its average volume of 769,290. The company has a quick ratio of 1.49, a current ratio of 1.70 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average of $57.71 and a two-hundred day moving average of $60.85. PAR Technology Corporation has a twelve month low of $43.95 and a twelve month high of $82.24. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -19.57 and a beta of 1.64.

PAR Technology (NYSE:PAR - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The software maker reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01). PAR Technology had a negative return on equity of 3.16% and a negative net margin of 20.64%.The firm had revenue of $112.40 million for the quarter, compared to analyst estimates of $111.02 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm's revenue for the quarter was up 43.8% on a year-over-year basis. On average, equities analysts predict that PAR Technology Corporation will post -1.47 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on PAR. BTIG Research upgraded PAR Technology from a "neutral" rating to a "buy" rating and set a $65.00 price objective on the stock in a report on Friday, August 15th. Benchmark decreased their price target on PAR Technology from $92.00 to $77.00 and set a "buy" rating on the stock in a research note on Tuesday, August 19th. Finally, Needham & Company LLC restated a "buy" rating and set a $90.00 price target on shares of PAR Technology in a research note on Friday, July 11th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $78.43.

PAR Technology Company 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.