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

State of Michigan Retirement System lowered its stake in PayPal Holdings, Inc. (NASDAQ:PYPL) by 2.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 286,492 shares of the credit services provider’s stock after selling 7,200 shares during the quarter. State of Michigan Retirement System’s holdings in PayPal were worth $16,625,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Sapient Capital LLC acquired a new stake in PayPal in the 4th quarter valued at $806,000. Fiduciary Alliance LLC boosted its stake in PayPal by 604.7% during the 1st quarter. Fiduciary Alliance LLC now owns 53,076 shares of the credit services provider’s stock worth $3,452,000 after purchasing an additional 45,544 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in PayPal by 44.6% during the 1st quarter. 1832 Asset Management L.P. now owns 1,235 shares of the credit services provider’s stock worth $83,000 after purchasing an additional 381 shares during the last quarter. Blue Trust Inc. boosted its stake in PayPal by 21.2% during the 2nd quarter. Blue Trust Inc. now owns 3,358 shares of the credit services provider’s stock worth $195,000 after purchasing an additional 588 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in PayPal by 18.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 234,147 shares of the credit services provider’s stock worth $15,686,000 after purchasing an additional 36,994 shares during the last quarter. Institutional investors and hedge funds own 68.32% of the company’s stock.

PayPal Price Performance

Shares of NASDAQ PYPL opened at $72.04 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.47. PayPal Holdings, Inc. has a twelve month low of $50.25 and a twelve month high of $73.25. The stock has a 50 day moving average of $62.23 and a two-hundred day moving average of $62.78. The stock has a market cap of $75.36 billion, a P/E ratio of 18.15, a P/E/G ratio of 0.97 and a beta of 1.42.

PayPal (NASDAQ:PYPL) last issued its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.20. PayPal had a return on equity of 22.82% and a net margin of 14.30%. The company had revenue of $7.89 billion during the quarter, compared to analysts’ expectations of $7.82 billion. During the same quarter in the previous year, the business earned $0.83 earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, research analysts forecast that PayPal Holdings, Inc. will post 4.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PYPL shares. Evercore ISI lifted their target price on shares of PayPal from $65.00 to $70.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $78.00 price target on shares of PayPal in a report on Thursday, July 11th. Citigroup lifted their price target on PayPal from $79.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Robert W. Baird lifted their price target on PayPal from $77.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Daiwa Capital Markets upgraded PayPal from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $68.00 to $72.00 in a report on Friday, August 9th. Seventeen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, PayPal presently has an average rating of “Moderate Buy” and an average target price of $75.56.

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.