Rockefeller Capital Management L.P. Trims Stake in PAR Technology Corporation $PAR

Key Points

• Rockefeller Capital Management cut its PAR Technology stake by 62.3% in the fourth quarter, leaving it with 96,312 shares valued at about $3.49 million.
• PAR Technology has seen mixed Wall Street sentiment: analysts currently rate the stock a Moderate Buy overall, with an average target price of $25.89, though several firms recently lowered or adjusted their targets.
• The company reported better-than-expected quarterly results, earning $0.10 per share on revenue of $123.97 million, while insiders showed both buying and selling activity, including a major purchase by Voss Capital.

Rockefeller Capital Management L.P. reduced its holdings in PAR Technology Corporation (NYSE:PAR - Free Report) by 62.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 96,312 shares of the software maker's stock after selling 159,158 shares during the quarter. Rockefeller Capital Management L.P. owned 0.23% of PAR Technology worth $3,494,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FNY Investment Advisers LLC purchased a new position in shares of PAR Technology during the third quarter worth about $26,000. Aster Capital Management DIFC Ltd bought a new position in shares of PAR Technology in the third quarter worth approximately $28,000. State of Wyoming purchased a new stake in PAR Technology in the fourth quarter valued at approximately $34,000. Kestra Advisory Services LLC purchased a new stake in PAR Technology in the fourth quarter valued at approximately $35,000. Finally, Central Pacific Bank Trust Division lifted its position in PAR Technology by 50.0% during the fourth quarter. Central Pacific Bank Trust Division now owns 3,000 shares of the software maker's stock valued at $109,000 after purchasing an additional 1,000 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PAR shares. JPMorgan Chase & Co. increased their price target on shares of PAR Technology from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Wednesday. UBS Group set a $16.00 target price on shares of PAR Technology in a research report on Tuesday, June 9th. The Goldman Sachs Group reduced their target price on PAR Technology from $40.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 3rd. Jefferies Financial Group set a $18.00 price target on PAR Technology in a research report on Saturday, May 9th. Finally, Benchmark dropped their price target on PAR Technology from $42.00 to $33.00 and set a "buy" rating for the company in a research note on Monday, March 16th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, PAR Technology has a consensus rating of "Moderate Buy" and an average target price of $25.89.

Insider Buying and Selling at PAR Technology

In related news, major shareholder Voss Capital, Lp purchased 156,249 shares of PAR Technology stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $14.85 per share, for a total transaction of $2,320,297.65. Following the transaction, the insider directly owned 5,125,000 shares in the company, valued at $76,106,250. The trade was a 3.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cathy A. King sold 20,000 shares of PAR Technology stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.38, for a total value of $307,600.00. Following the completion of the transaction, the insider directly owned 122,919 shares in the company, valued at $1,890,494.22. This trade represents a 13.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders acquired 1,069,900 shares of company stock valued at $15,568,965 over the last three months. 2.30% of the stock is currently owned by insiders.

PAR Technology Stock Up 5.1%

Shares of NYSE PAR opened at $16.73 on Friday. The stock has a market capitalization of $690.32 million, a P/E ratio of -8.95 and a beta of 1.35. PAR Technology Corporation has a one year low of $11.59 and a one year high of $72.15. The firm's 50 day simple moving average is $14.59 and its two-hundred day simple moving average is $21.38. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.10 and a quick ratio of 1.83.

PAR Technology (NYSE:PAR - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. PAR Technology had a negative net margin of 16.04% and a negative return on equity of 2.57%. The firm had revenue of $123.97 million during the quarter, compared to analyst estimates of $116.88 million. During the same period in the previous year, the business posted ($0.01) EPS. The business's quarterly revenue was up 19.4% on a year-over-year basis. As a group, analysts expect that PAR Technology Corporation will post -0.16 EPS for the current fiscal year.

About PAR Technology

PAR Technology Corp is a provider of enterprise software and hardware solutions for the hospitality, foodservice and retail industries. The company's platforms are designed to streamline front- and back-of-house operations, covering point-of-sale (POS) systems, kitchen display and dispatch, inventory and labor management, and reporting tools. PAR's integrated approach enables operators of full-service restaurants, quick-service chains, bars, hotels, casinos and retail outlets to centralize data and automate workflows across multiple sites.

Key offerings include PAR Brink, a cloud-native POS application that supports touchscreen, mobile and tablet devices; PAR Cloud Services, which delivers software updates, reporting and analytics through a subscription model; and hardware solutions such as payment terminals, handheld devices and self-service kiosks.

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