Point72 Asset Management L.P. lowered its stake in Paypal Holdings Inc (NASDAQ:PYPL) by 69.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 388,200 shares of the credit services provider’s stock after selling 882,675 shares during the period. Point72 Asset Management L.P.’s holdings in Paypal were worth $34,099,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whitener Capital Management Inc. purchased a new position in Paypal in the third quarter worth about $102,000. Archford Capital Strategies LLC grew its position in Paypal by 92.6% in the second quarter. Archford Capital Strategies LLC now owns 1,300 shares of the credit services provider’s stock worth $108,000 after acquiring an additional 625 shares in the last quarter. Lucia Wealth Services LLC purchased a new position in Paypal in the third quarter worth about $115,000. Patton Albertson Miller Group LLC purchased a new position in Paypal in the third quarter worth about $126,000. Finally, ELM Advisors LLC purchased a new position in Paypal in the third quarter worth about $149,000. Institutional investors own 80.52% of the company’s stock.
PYPL has been the subject of several analyst reports. Zacks Investment Research raised shares of Paypal from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Tuesday, September 25th. BidaskClub downgraded shares of Paypal from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 18th. Bank of America raised their price objective on shares of Paypal from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, September 11th. Berenberg Bank initiated coverage on shares of Paypal in a research note on Thursday, August 30th. They issued a “buy” rating and a $104.00 price objective for the company. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $110.00 price objective on shares of Paypal in a research note on Wednesday, August 29th. Seven analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $94.96.
Paypal (NASDAQ:PYPL) last issued its quarterly earnings data on Thursday, October 18th. The credit services provider reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.04. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.66 billion. Paypal had a net margin of 13.98% and a return on equity of 13.60%. Paypal’s revenue was up 13.7% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. On average, sell-side analysts expect that Paypal Holdings Inc will post 1.79 EPS for the current fiscal year.
In related news, CFO John D. Rainey sold 7,282 shares of Paypal stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $83.68, for a total transaction of $609,357.76. Following the transaction, the chief financial officer now directly owns 142,664 shares of the company’s stock, valued at $11,938,123.52. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel H. Schulman sold 26,000 shares of Paypal stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $89.57, for a total transaction of $2,328,820.00. Following the transaction, the insider now directly owns 331,506 shares in the company, valued at $29,692,992.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 408,222 shares of company stock worth $34,257,412. 0.20% of the stock is currently owned by corporate insiders.
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PayPal Holdings, Inc operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. Its payment solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The company's platform allows consumers to shop by sending payments, withdraw funds to their bank accounts, and hold balances in their PayPal accounts in various currencies.
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