NewEdge Wealth LLC Purchases 114,977 Shares of eBay Inc. (NASDAQ:EBAY)

Key Points

• NewEdge Wealth LLC increased its stake in eBay by 24.9%, acquiring 114,977 shares during the first quarter, bringing their total holdings to 576,564 shares valued at approximately $39.1 million.
• Analysts have recently raised their price targets for eBay, with Piper Sandler setting a new target of $95.00 and a consensus rating of "Hold" from 17 analysts, while the current average price target stands at $77.69.
• eBay announced a quarterly dividend of $0.29 per share, representing an annualized yield of 1.3%, with the payment scheduled for September 12th for shareholders on record by August 29th.

NewEdge Wealth LLC grew its position in shares of eBay Inc. (NASDAQ:EBAY - Free Report) by 24.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 576,564 shares of the e-commerce company's stock after acquiring an additional 114,977 shares during the quarter. NewEdge Wealth LLC owned 0.13% of eBay worth $39,051,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EBAY. Orion Capital Management LLC bought a new position in eBay in the fourth quarter valued at approximately $27,000. Abound Financial LLC bought a new stake in shares of eBay during the 1st quarter worth approximately $29,000. Pinney & Scofield Inc. acquired a new stake in shares of eBay in the 4th quarter valued at approximately $31,000. Itau Unibanco Holding S.A. bought a new position in shares of eBay in the fourth quarter valued at $33,000. Finally, Transce3nd LLC acquired a new position in eBay during the fourth quarter worth $36,000. 87.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on EBAY shares. Piper Sandler increased their price target on shares of eBay from $74.00 to $95.00 and gave the company an "overweight" rating in a research note on Thursday. Daiwa Capital Markets upgraded shares of eBay from a "neutral" rating to a "buy" rating and set a $70.00 target price for the company in a research note on Monday, May 12th. Deutsche Bank Aktiengesellschaft lifted their price target on eBay from $75.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Stifel Nicolaus upped their price objective on eBay from $62.00 to $68.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on eBay from $66.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, eBay currently has a consensus rating of "Hold" and a consensus price target of $77.69.

Insiders Place Their Bets

In related news, CEO Jamie Iannone sold 10,974 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $75.75, for a total value of $831,280.50. Following the sale, the chief executive officer directly owned 306,651 shares of the company's stock, valued at $23,228,813.25. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Cornelius Boone sold 2,985 shares of eBay stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $78.67, for a total value of $234,829.95. Following the completion of the transaction, the senior vice president owned 92,053 shares in the company, valued at approximately $7,241,809.51. This represents a 3.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,222 shares of company stock valued at $24,463,922 over the last ninety days. Company insiders own 0.64% of the company's stock.

eBay Stock Down 0.0%

Shares of NASDAQ EBAY opened at $91.74 on Friday. The stock has a market capitalization of $42.29 billion, a P/E ratio of 20.21, a PEG ratio of 2.43 and a beta of 1.27. The stock's fifty day moving average is $77.42 and its 200 day moving average is $70.72. eBay Inc. has a 52 week low of $54.55 and a 52 week high of $92.79. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.17 and a current ratio of 1.00.

eBay (NASDAQ:EBAY - Get Free Report) last released its earnings results on Wednesday, July 30th. The e-commerce company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.30 by $0.07. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.64 billion. eBay had a net margin of 20.86% and a return on equity of 38.97%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned $1.18 EPS. Sell-side analysts forecast that eBay Inc. will post 3.86 earnings per share for the current fiscal year.

eBay Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.29 per share. The ex-dividend date is Friday, August 29th. This represents a $1.16 annualized dividend and a yield of 1.3%. eBay's dividend payout ratio is presently 25.55%.

About eBay

eBay Inc, together with its subsidiaries, operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally. The company's marketplace platform includes its online marketplace at ebay.com, off-platform businesses, and the eBay suite of mobile apps.

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