Allstate Corp Acquires New Stake in PayPal Holdings, Inc. (NASDAQ:PYPL)

Allstate Corp bought a new position in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 28,822 shares of the credit services provider’s stock, valued at approximately $2,460,000.

A number of other institutional investors also recently modified their holdings of PYPL. Gordian Capital Singapore Pte Ltd bought a new position in shares of PayPal during the third quarter worth about $26,000. Rosenberg Matthew Hamilton grew its stake in shares of PayPal by 67.6% during the 4th quarter. Rosenberg Matthew Hamilton now owns 310 shares of the credit services provider’s stock worth $26,000 after acquiring an additional 125 shares in the last quarter. Sugarloaf Wealth Management LLC raised its holdings in shares of PayPal by 344.3% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 351 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 272 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of PayPal in the third quarter worth $36,000. Finally, Modus Advisors LLC acquired a new position in PayPal during the fourth quarter worth $37,000. 68.32% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Gail J. Mcgovern sold 2,446 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $72.15, for a total value of $176,478.90. Following the completion of the transaction, the director now owns 29,734 shares of the company’s stock, valued at $2,145,308.10. This represents a 7.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays increased their price objective on shares of PayPal from $92.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Wolfe Research raised PayPal from a “peer perform” rating to an “outperform” rating and set a $107.00 price target on the stock in a research report on Friday, December 13th. Morgan Stanley upped their price objective on PayPal from $79.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Susquehanna raised their target price on shares of PayPal from $94.00 to $101.00 and gave the company a “positive” rating in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their price target on shares of PayPal from $92.00 to $104.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Sixteen analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, PayPal presently has an average rating of “Moderate Buy” and a consensus price target of $90.03.

PayPal Stock Down 5.4 %

Shares of PYPL opened at $65.15 on Friday. The firm has a 50 day simple moving average of $76.28 and a two-hundred day simple moving average of $80.82. The company has a market cap of $64.45 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.27 and a beta of 1.52. PayPal Holdings, Inc. has a one year low of $56.97 and a one year high of $93.66. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.26 and a quick ratio of 1.26.

PayPal (NASDAQ:PYPL) last announced its quarterly earnings data on Tuesday, February 4th. The credit services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.08. PayPal had a return on equity of 23.67% and a net margin of 13.04%. The business had revenue of $8.37 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the company earned $1.48 EPS. PayPal’s revenue for the quarter was up 4.2% on a year-over-year basis. Research analysts forecast that PayPal Holdings, Inc. will post 5.03 EPS for the current fiscal year.

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.