PAR Technology Corporation $PAR Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its PAR Technology stake by 93% in the second quarter, selling 234,133 shares and retaining 17,500 shares valued at approximately $305,000.
• Institutional sentiment was mixed, with BlackRock initiating a roughly $70.6 million position while several other investors increased their holdings. Analysts maintain a “Moderate Buy” consensus with an average price target of $24.61.
• PAR Technology reported quarterly revenue of $133.41 million, up 18.7% year over year and above expectations, while adjusted earnings of $0.18 per share exceeded estimates by $0.06. The stock opened at $14.06, well below its 52-week high of $40.54.

Engineers Gate Manager LP trimmed its holdings in PAR Technology Corporation (NYSE:PAR - Free Report) by 93.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,500 shares of the software maker's stock after selling 234,133 shares during the quarter. Engineers Gate Manager LP's holdings in PAR Technology were worth $305,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PAR. BlackRock Inc. purchased a new position in shares of PAR Technology in the 2nd quarter worth about $70,563,000. Progeny 3 Inc. increased its position in shares of PAR Technology by 5.6% in the first quarter. Progeny 3 Inc. now owns 2,170,808 shares of the software maker's stock worth $28,937,000 after acquiring an additional 114,500 shares in the last quarter. Reinhart Partners LLC. raised its stake in shares of PAR Technology by 45.6% in the 4th 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. Bandera Partners LLC acquired a new position in shares of PAR Technology during the first quarter worth about $9,331,000. Finally, Stephens Investment Management Group LLC lifted its position in PAR Technology by 62.2% during the 1st quarter. Stephens Investment Management Group LLC now owns 458,621 shares of the software maker's stock worth $6,113,000 after acquiring an additional 175,831 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PAR shares. Weiss Ratings upgraded shares of PAR Technology from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, August 27th. Royal Bank Of Canada set a $16.00 price objective on PAR Technology in a research report on Tuesday, June 9th. JPMorgan Chase & Co. increased their price target on PAR Technology from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. BTIG Research reduced their price target on shares of PAR Technology from $45.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Finally, The Goldman Sachs Group increased their price objective on shares of PAR Technology from $18.00 to $20.50 and gave the company a "neutral" rating in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.61.

PAR Technology Stock Up 0.9%

Shares of PAR Technology stock opened at $14.06 on Friday. The stock has a 50-day moving average price of $17.51 and a 200 day moving average price of $15.79. The company has a market cap of $581.69 million, a P/E ratio of -7.99 and a beta of 1.33. The company has a current ratio of 2.21, a quick ratio of 1.89 and a debt-to-equity ratio of 0.52. PAR Technology Corporation has a 1 year low of $11.59 and a 1 year high of $40.54.

PAR Technology (NYSE:PAR - Get Free Report) last released its earnings results on Thursday, August 6th. The software maker reported $0.18 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $133.41 million for the quarter, compared to analysts' expectations of $124.66 million. During the same quarter in the previous year, the business posted $0.03 EPS. The business's revenue for the quarter was up 18.7% on a year-over-year basis. As a group, analysts expect that PAR Technology Corporation will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other PAR Technology news, Director Narinder Singh bought 11,518 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was bought at an average cost of $17.36 per share, with a total value of $199,952.48. Following the completion of the transaction, the director directly owned 38,527 shares of the company's stock, valued at approximately $668,828.72. The trade was a 42.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

PAR Technology Company 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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