Allstate Corp Takes Position in PayPal Holdings, Inc. (NASDAQ:PYPL)

Allstate Corp bought a new position in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 28,822 shares of the credit services provider’s stock, valued at approximately $2,460,000.

Several other large investors have also recently bought and sold shares of the stock. United Bank lifted its position in shares of PayPal by 9.7% in the 3rd quarter. United Bank now owns 8,941 shares of the credit services provider’s stock worth $698,000 after acquiring an additional 794 shares during the period. Townsquare Capital LLC lifted its position in PayPal by 23.1% in the third quarter. Townsquare Capital LLC now owns 41,561 shares of the credit services provider’s stock worth $3,243,000 after purchasing an additional 7,812 shares during the period. Freedom Investment Management Inc. acquired a new stake in PayPal during the third quarter worth $359,000. CreativeOne Wealth LLC bought a new stake in PayPal in the 3rd quarter valued at $582,000. Finally, Public Sector Pension Investment Board raised its stake in shares of PayPal by 4.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 48,228 shares of the credit services provider’s stock valued at $3,763,000 after buying an additional 2,000 shares in the last quarter. 68.32% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at PayPal

In related news, Director Gail J. Mcgovern sold 2,446 shares of the company’s stock in a transaction 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 sale, the director now owns 29,734 shares in the company, valued at $2,145,308.10. This represents a 7.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PYPL shares. Needham & Company LLC reissued a “hold” rating on shares of PayPal in a research note on Wednesday, February 26th. Citigroup reissued an “outperform” rating on shares of PayPal in a report on Wednesday, February 5th. Bank of America raised PayPal from a “neutral” rating to a “buy” rating and boosted their price target for the company from $86.00 to $103.00 in a research note on Monday, December 9th. Morgan Stanley increased 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. Finally, Wolfe Research upgraded shares of PayPal from a “peer perform” rating to an “outperform” rating and set a $107.00 target price on the stock in a research note on Friday, December 13th. Sixteen investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, PayPal has a consensus rating of “Moderate Buy” and a consensus price target of $90.03.

PayPal Stock Down 5.4 %

NASDAQ:PYPL opened at $65.15 on Friday. The stock’s fifty day simple moving average is $76.28 and its 200-day simple moving average is $80.82. The firm has a market capitalization 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. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.48. PayPal Holdings, Inc. has a 12-month low of $56.97 and a 12-month high of $93.66.

PayPal (NASDAQ:PYPL) last posted its earnings results on Tuesday, February 4th. The credit services provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.08. The company had revenue of $8.37 billion during the quarter, compared to analyst estimates of $8.27 billion. PayPal had a return on equity of 23.67% and a net margin of 13.04%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 EPS. Equities research analysts expect that PayPal Holdings, Inc. will post 5.03 earnings per share 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.