PayPal (NASDAQ:PYPL) Given New $96.00 Price Target at Canaccord Genuity Group

PayPal (NASDAQ:PYPL) had its target price upped by Canaccord Genuity Group from $80.00 to $96.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the credit services provider’s stock.

A number of other research firms have also recently weighed in on PYPL. Susquehanna increased their price objective on shares of PayPal from $83.00 to $94.00 and gave the stock a “positive” rating in a report on Wednesday. TD Cowen increased their price objective on shares of PayPal from $68.00 to $70.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. UBS Group increased their price objective on shares of PayPal from $72.00 to $85.00 and gave the stock a “neutral” rating in a report on Wednesday. Macquarie increased their price objective on shares of PayPal from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of PayPal in a report on Wednesday. Seventeen equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, PayPal has a consensus rating of “Moderate Buy” and a consensus price target of $82.29.

PayPal Trading Down 2.6 %

NASDAQ PYPL opened at $77.25 on Wednesday. The company has a market capitalization of $77.45 billion, a price-to-earnings ratio of 18.44, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44. PayPal has a 12 month low of $52.55 and a 12 month high of $83.70. The company’s fifty day moving average price is $76.50 and its two-hundred day moving average price is $67.66. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.25 and a quick ratio of 1.24.

PayPal (NASDAQ:PYPL) last issued its earnings results on Tuesday, October 29th. The credit services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $7.85 billion for the quarter, compared to analysts’ expectations of $7.88 billion. PayPal had a net margin of 14.08% and a return on equity of 23.44%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 earnings per share. As a group, research analysts predict that PayPal will post 4.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc lifted its position in shares of PayPal by 3.3% in the second quarter. Legal & General Group Plc now owns 8,636,644 shares of the credit services provider’s stock worth $501,184,000 after purchasing an additional 276,287 shares in the last quarter. Clearbridge Investments LLC raised its position in PayPal by 28.1% during the second quarter. Clearbridge Investments LLC now owns 8,511,242 shares of the credit services provider’s stock valued at $493,907,000 after acquiring an additional 1,866,925 shares in the last quarter. Primecap Management Co. CA raised its position in shares of PayPal by 180.7% in the second quarter. Primecap Management Co. CA now owns 4,946,460 shares of the credit services provider’s stock valued at $287,043,000 after purchasing an additional 3,184,160 shares during the period. Dimensional Fund Advisors LP raised its position in shares of PayPal by 14.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,166,795 shares of the credit services provider’s stock valued at $183,789,000 after purchasing an additional 409,322 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of PayPal by 5.1% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 3,046,502 shares of the credit services provider’s stock worth $176,789,000 after acquiring an additional 146,643 shares during the last quarter. 68.32% of the stock is currently owned by institutional investors and hedge funds.

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.