Granite Bay Wealth Management LLC Acquires New Position in PayPal Holdings, Inc. (NASDAQ:PYPL)

Granite Bay Wealth Management LLC bought a new position in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 16,432 shares of the credit services provider’s stock, valued at approximately $1,043,000.

A number of other hedge funds also recently added to or reduced their stakes in PYPL. Pittenger & Anderson Inc. increased its position in shares of PayPal by 77.5% during the first quarter. Pittenger & Anderson Inc. now owns 394 shares of the credit services provider’s stock worth $26,000 after acquiring an additional 172 shares during the period. American National Bank acquired a new position in PayPal during the 1st quarter worth $27,000. Family Firm Inc. purchased a new stake in PayPal during the 2nd quarter worth about $29,000. SYSTM Wealth Solutions LLC raised its position in PayPal by 50.6% in the 2nd quarter. SYSTM Wealth Solutions LLC now owns 497 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 167 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new position in shares of PayPal in the 1st quarter valued at about $30,000. 68.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on PYPL. Mizuho reissued an “outperform” rating and issued a $90.00 price objective on shares of PayPal in a research report on Tuesday, August 20th. UBS Group raised their target price on PayPal from $71.00 to $72.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Monness Crespi & Hardt increased their price target on shares of PayPal from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Robert W. Baird increased their target price on shares of PayPal from $77.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of PayPal from $74.00 to $94.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Seventeen research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, PayPal currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.38.

PayPal Stock Up 0.2 %

Shares of NASDAQ:PYPL opened at $78.03 on Tuesday. PayPal Holdings, Inc. has a 12-month low of $50.25 and a 12-month high of $80.63. The stock’s 50-day moving average price is $69.12 and its two-hundred day moving average price is $65.21. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.47. The firm has a market cap of $79.77 billion, a price-to-earnings ratio of 19.65, a PEG ratio of 1.12 and a beta of 1.43.

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