Canaccord Genuity Group Reaffirms Buy Rating for PayPal (NASDAQ:PYPL)

PayPal (NASDAQ:PYPL)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity Group in a research note issued on Wednesday,Benzinga reports. They currently have a $96.00 price objective on the credit services provider’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 39.62% from the stock’s current price.

Several other research firms have also commented on PYPL. Morgan Stanley increased their target price on shares of PayPal from $74.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday. Barclays reaffirmed an “overweight” rating on shares of PayPal in a report on Tuesday. Citigroup reaffirmed a “buy” rating on shares of PayPal in a report on Tuesday. Piper Sandler set a $74.00 price target on shares of PayPal in a report on Tuesday. Finally, Robert W. Baird upped their price target on shares of PayPal from $78.00 to $79.00 and gave the company an “outperform” rating in a report on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.57.

PayPal Stock Performance

NASDAQ PYPL opened at $68.76 on Wednesday. PayPal has a 52-week low of $55.85 and a 52-week high of $93.66. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.30 and a current ratio of 1.33. The company has a market capitalization of $65.69 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.11 and a beta of 1.45. The company has a fifty day moving average of $73.20 and a 200-day moving average of $72.55.

PayPal (NASDAQ:PYPL) last released its earnings results on Tuesday, July 29th. The credit services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10. PayPal had a net margin of 14.49% and a return on equity of 25.35%. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.08 billion. During the same quarter last year, the firm earned $1.19 EPS. As a group, equities research analysts predict that PayPal will post 5.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other PayPal news, EVP Diego Scotti sold 3,839 shares of the business’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $73.24, for a total value of $281,168.36. Following the sale, the executive vice president directly owned 16,989 shares of the company’s stock, valued at approximately $1,244,274.36. The trade was a 18.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Deborah M. Messemer sold 3,795 shares of the business’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $73.00, for a total value of $277,035.00. Following the completion of the sale, the director directly owned 13,976 shares in the company, valued at $1,020,248. This trade represents a 21.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,796 shares of company stock worth $863,028. 0.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PayPal

Several hedge funds have recently added to or reduced their stakes in the stock. Security National Bank of SO Dak boosted its holdings in PayPal by 1.1% in the fourth quarter. Security National Bank of SO Dak now owns 12,191 shares of the credit services provider’s stock worth $1,041,000 after acquiring an additional 137 shares in the last quarter. Gordian Capital Singapore Pte Ltd increased its holdings in shares of PayPal by 41.2% in the 1st quarter. Gordian Capital Singapore Pte Ltd now owns 473 shares of the credit services provider’s stock worth $31,000 after purchasing an additional 138 shares in the last quarter. GSB Wealth Management LLC increased its holdings in shares of PayPal by 1.7% in the 2nd quarter. GSB Wealth Management LLC now owns 8,160 shares of the credit services provider’s stock worth $606,000 after purchasing an additional 140 shares in the last quarter. CreativeOne Wealth LLC increased its holdings in shares of PayPal by 1.5% in the 1st quarter. CreativeOne Wealth LLC now owns 9,387 shares of the credit services provider’s stock worth $613,000 after purchasing an additional 142 shares in the last quarter. Finally, Cohen & Steers Inc. increased its holdings in shares of PayPal by 5.1% in the 4th quarter. Cohen & Steers Inc. now owns 3,016 shares of the credit services provider’s stock worth $257,000 after purchasing an additional 145 shares in the last quarter. 68.32% of the stock is owned by institutional investors.

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.