PayPal Holdings, Inc. (NASDAQ:PYPL) Stock Holdings Cut by State of Michigan Retirement System

State of Michigan Retirement System lessened its position in PayPal Holdings, Inc. (NASDAQ:PYPL) by 0.5% during the first quarter, Holdings Channel reports. The institutional investor owned 293,692 shares of the credit services provider’s stock after selling 1,500 shares during the quarter. State of Michigan Retirement System’s holdings in PayPal were worth $19,674,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sapient Capital LLC acquired a new stake in PayPal in the 4th quarter valued at about $806,000. Louisiana State Employees Retirement System bought a new stake in PayPal during the fourth quarter worth approximately $9,267,000. Bartlett & Co. LLC grew its position in PayPal by 8.5% in the fourth quarter. Bartlett & Co. LLC now owns 9,414 shares of the credit services provider’s stock worth $594,000 after buying an additional 740 shares during the last quarter. Fiduciary Alliance LLC increased its holdings in shares of PayPal by 604.7% in the first quarter. Fiduciary Alliance LLC now owns 53,076 shares of the credit services provider’s stock valued at $3,452,000 after buying an additional 45,544 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of PayPal by 9.5% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 847,006 shares of the credit services provider’s stock valued at $53,344,000 after acquiring an additional 73,687 shares during the last quarter. Institutional investors and hedge funds own 68.32% of the company’s stock.

PayPal Stock Up 2.0 %

Shares of PYPL stock opened at $58.97 on Wednesday. PayPal Holdings, Inc. has a 12 month low of $50.25 and a 12 month high of $76.54. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.47. The firm has a market cap of $61.69 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 0.95 and a beta of 1.42. The stock has a 50 day moving average of $63.07 and a 200-day moving average of $62.40.

PayPal (NASDAQ:PYPL) last posted its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.14). PayPal had a net margin of 14.26% and a return on equity of 21.58%. The firm had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.52 billion. During the same period last year, the company earned $0.86 EPS. The company’s revenue was up 9.4% on a year-over-year basis. On average, equities analysts predict that PayPal Holdings, Inc. will post 4.14 EPS for the current year.

Insider Buying and Selling

In related news, Director Deborah M. Messemer sold 4,422 shares of PayPal stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $61.65, for a total value of $272,616.30. Following the completion of the transaction, the director now directly owns 13,976 shares of the company’s stock, valued at $861,620.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

PYPL has been the topic of a number of recent analyst reports. Evercore ISI boosted their target price on PayPal from $65.00 to $70.00 and gave the stock an “in-line” rating in a research report on Tuesday, June 25th. TD Cowen boosted their price objective on PayPal from $58.00 to $68.00 and gave the stock a “hold” rating in a report on Wednesday, May 1st. Needham & Company LLC reiterated a “hold” rating on shares of PayPal in a report on Tuesday, April 30th. New Street Research assumed coverage on shares of PayPal in a research report on Friday, May 31st. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Sanford C. Bernstein upped their price target on shares of PayPal from $66.00 to $68.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Twenty research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $73.82.

About PayPal

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.