Fred Alger Management LLC Purchases 88,694 Shares of PayPal Holdings, Inc. (NASDAQ:PYPL)

Fred Alger Management LLC boosted its stake in PayPal Holdings, Inc. (NASDAQ:PYPL - Free Report) by 65.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 223,705 shares of the credit services provider's stock after buying an additional 88,694 shares during the quarter. Fred Alger Management LLC's holdings in PayPal were worth $19,093,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. grew its stake in PayPal by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,182,316 shares of the credit services provider's stock valued at $92,256,000 after purchasing an additional 24,193 shares during the period. Diversified Trust Co grew its position in PayPal by 1.7% during the fourth quarter. Diversified Trust Co now owns 17,813 shares of the credit services provider's stock valued at $1,520,000 after buying an additional 298 shares during the period. Fulton Bank N.A. increased its holdings in PayPal by 10.1% during the fourth quarter. Fulton Bank N.A. now owns 6,959 shares of the credit services provider's stock worth $594,000 after buying an additional 640 shares during the last quarter. Baker Tilly Wealth Management LLC raised its position in PayPal by 6.5% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 4,936 shares of the credit services provider's stock worth $421,000 after acquiring an additional 303 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in PayPal by 2.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 75,060 shares of the credit services provider's stock valued at $5,857,000 after acquiring an additional 1,523 shares during the last quarter. 68.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PYPL shares. Needham & Company LLC reiterated a "hold" rating on shares of PayPal in a research note on Wednesday, April 30th. Canaccord Genuity Group reiterated a "buy" rating and set a $96.00 price target on shares of PayPal in a research note on Wednesday, April 30th. Wells Fargo & Company lowered their price objective on PayPal from $80.00 to $74.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. DZ Bank upgraded shares of PayPal from a "hold" rating to a "buy" rating and set a $92.00 target price for the company in a research report on Friday, February 28th. Finally, Arete Research set a $81.00 price target on shares of PayPal in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $83.68.

Insider Buying and Selling at PayPal

In other news, Director Gail J. Mcgovern sold 2,446 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $72.15, for a total transaction of $176,478.90. Following the transaction, the director now directly owns 29,734 shares of the company's stock, valued at approximately $2,145,308.10. The trade was a 7.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

PayPal Trading Down 0.3 %

PYPL stock traded down $0.22 during midday trading on Friday, hitting $70.26. The company had a trading volume of 7,467,331 shares, compared to its average volume of 11,252,074. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.48. PayPal Holdings, Inc. has a 52 week low of $55.85 and a 52 week high of $93.66. The stock has a market cap of $68.33 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 1.27 and a beta of 1.51. The stock's 50 day moving average price is $65.65 and its 200 day moving average price is $77.72.

PayPal (NASDAQ:PYPL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.17. The business had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.84 billion. PayPal had a net margin of 13.04% and a return on equity of 23.67%. The company's revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.08 EPS. As a group, equities research analysts expect that PayPal Holdings, Inc. will post 5.03 earnings per share for the current fiscal year.

PayPal 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.