Frank Rimerman Advisors LLC Cuts Position in PayPal Holdings, Inc. (NASDAQ:PYPL)

Frank Rimerman Advisors LLC cut its stake in PayPal Holdings, Inc. (NASDAQ:PYPL) by 5.0% in the third quarter, Holdings Channel.com reports. The fund owned 11,182 shares of the credit services provider’s stock after selling 590 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in PayPal were worth $873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of PYPL. Pittenger & Anderson Inc. raised its stake in shares of PayPal by 77.5% during the 1st quarter. Pittenger & Anderson Inc. now owns 394 shares of the credit services provider’s stock worth $26,000 after buying an additional 172 shares in the last quarter. Family Firm Inc. acquired a new position in PayPal in the second quarter valued at $29,000. SYSTM Wealth Solutions LLC increased its position in PayPal by 50.6% during the 2nd quarter. SYSTM Wealth Solutions LLC now owns 497 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 167 shares in the last quarter. Tortoise Investment Management LLC raised its position in PayPal by 930.0% in the second quarter. Tortoise Investment Management LLC now owns 515 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 465 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. lifted its position in shares of PayPal by 65.8% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 466 shares of the credit services provider’s stock worth $31,000 after purchasing an additional 185 shares in the last quarter. 68.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PYPL shares. William Blair upgraded PayPal to a “hold” rating in a research note on Tuesday, July 30th. Monness Crespi & Hardt upped their price target on shares of PayPal from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Robert W. Baird boosted their price objective on shares of PayPal from $77.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $78.00 price objective on shares of PayPal in a research report on Wednesday, September 18th. Finally, Sanford C. Bernstein lowered shares of PayPal from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $75.00 to $80.00 in a research report on Thursday, October 10th. Seventeen research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $78.03.

PayPal Price Performance

Shares of NASDAQ PYPL opened at $81.70 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $85.46 billion, a price-to-earnings ratio of 20.58, a P/E/G ratio of 1.50 and a beta of 1.44. The company has a 50 day simple moving average of $75.65 and a two-hundred day simple moving average of $67.17. PayPal Holdings, Inc. has a fifty-two week low of $50.25 and a fifty-two week high of $82.80.

PayPal (NASDAQ:PYPL) last announced its quarterly 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. PayPal had a net margin of 14.30% and a return on equity of 22.82%. The firm had revenue of $7.89 billion for the quarter, compared to the consensus estimate of $7.82 billion. During the same quarter last year, the firm posted $0.83 EPS. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. Analysts expect that PayPal Holdings, Inc. will post 4.44 EPS for the current fiscal year.

PayPal Company 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.