Pinnacle Associates Ltd. Sells 7,823 Shares of PayPal Holdings, Inc. (NASDAQ:PYPL)

Key Points

• Pinnacle Associates Ltd. reduced its stake in PayPal Holdings, Inc. by 23.9%, selling 7,823 shares and now holding 24,867 shares worth approximately $1,623,000.
• In the last quarter, several institutional investors made changes to their positions in PayPal, with Tsfg LLC increasing its position by 81.6%, now owning 445 shares.
• The company's recent earnings report showed earnings per share of $1.33, beating expectations, although revenue of $7.79 billion was slightly below the projected $7.84 billion.

Pinnacle Associates Ltd. decreased its stake in shares of PayPal Holdings, Inc. (NASDAQ:PYPL - Free Report) by 23.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,867 shares of the credit services provider's stock after selling 7,823 shares during the quarter. Pinnacle Associates Ltd.'s holdings in PayPal were worth $1,623,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PYPL. Mpwm Advisory Solutions LLC bought a new stake in PayPal during the 4th quarter valued at about $25,000. Hurley Capital LLC purchased a new position in PayPal during the 4th quarter valued at about $27,000. Garde Capital Inc. purchased a new position in PayPal during the 1st quarter valued at about $28,000. Tsfg LLC increased its position in PayPal by 81.6% during the 1st quarter. Tsfg LLC now owns 445 shares of the credit services provider's stock valued at $29,000 after purchasing an additional 200 shares during the period. Finally, Bernard Wealth Management Corp. purchased a new position in PayPal during the 4th quarter valued at about $34,000. Institutional investors own 68.32% of the company's stock.

PayPal Stock Performance

Shares of NASDAQ PYPL opened at $77.98 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.56. PayPal Holdings, Inc. has a 12 month low of $55.85 and a 12 month high of $93.66. The company has a 50 day simple moving average of $73.19 and a two-hundred day simple moving average of $72.83. The stock has a market cap of $75.84 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.29 and a beta of 1.45.

PayPal (NASDAQ:PYPL - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The credit services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.16 by $0.17. PayPal had a net margin of 14.26% and a return on equity of 24.59%. The business had revenue of $7.79 billion during the quarter, compared to analysts' expectations of $7.84 billion. During the same period in the previous year, the business posted $1.08 EPS. The business's quarterly revenue was up 1.2% compared to the same quarter last year. As a group, analysts predict that PayPal Holdings, Inc. will post 5.03 earnings per share for the current year.

Insider Buying and Selling at PayPal

In other PayPal news, insider Suzan Kereere sold 4,162 shares of PayPal stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $73.24, for a total transaction of $304,824.88. Following the completion of the sale, the insider directly owned 48,483 shares in the company, valued at approximately $3,550,894.92. The trade was a 7.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Diego Scotti sold 3,839 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $73.24, for a total transaction of $281,168.36. Following the completion of the transaction, the executive vice president owned 16,989 shares of the company's stock, valued at approximately $1,244,274.36. This represents a 18.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,796 shares of company stock worth $863,028. Company insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on PYPL shares. Monness Crespi & Hardt cut their target price on shares of PayPal from $120.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Piper Sandler raised shares of PayPal to a "neutral" rating and set a $74.00 target price on the stock in a research report on Tuesday, June 24th. UBS Group cut their target price on shares of PayPal from $88.00 to $75.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Seaport Res Ptn raised shares of PayPal from a "strong sell" rating to a "hold" rating in a research report on Monday, July 14th. Finally, Barclays lifted their price objective on shares of PayPal from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, PayPal currently has a consensus rating of "Hold" and an average price target of $83.13.

PayPal Company Profile

PayPal Holdings, Inc operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It operates a two-sided network at scale that connects merchants and consumers that enables its customers to connect, transact, and send and receive payments through online and in person, as well as transfer and withdraw funds using various funding sources, such as bank accounts, PayPal or Venmo account balance, PayPal and Venmo branded credit products comprising its installment products, credit and debit cards, and cryptocurrencies, as well as other stored value products, including gift cards and eligible rewards.

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