Summit Global Investments Has $620,000 Stock Holdings in PayPal Holdings, Inc. (NASDAQ:PYPL)

Summit Global Investments raised its stake in PayPal Holdings, Inc. (NASDAQ:PYPL) by 60.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 10,681 shares of the credit services provider’s stock after purchasing an additional 4,023 shares during the quarter. Summit Global Investments’ holdings in PayPal were worth $620,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Pittenger & Anderson Inc. grew its position in PayPal by 77.5% in the first quarter. Pittenger & Anderson Inc. now owns 394 shares of the credit services provider’s stock worth $26,000 after acquiring an additional 172 shares in the last quarter. American National Bank bought a new stake in PayPal in the first quarter worth approximately $27,000. Private Wealth Management Group LLC bought a new stake in PayPal in the fourth quarter worth approximately $29,000. Register Financial Advisors LLC bought a new stake in PayPal in the first quarter worth approximately $30,000. Finally, CarsonAllaria Wealth Management Ltd. grew its position in PayPal by 65.8% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 466 shares of the credit services provider’s stock worth $31,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 68.32% of the company’s stock.

Insider Activity

In other news, Director Deborah M. Messemer sold 4,422 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $61.65, for a total value of $272,616.30. Following the transaction, the director now owns 13,976 shares of the company’s stock, valued at approximately $861,620.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on PYPL shares. Sanford C. Bernstein raised shares of PayPal from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $71.00 to $78.00 in a research report on Wednesday, July 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of PayPal in a report on Tuesday, April 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $84.00 price target on shares of PayPal in a report on Wednesday, July 31st. Robert W. Baird increased their price target on shares of PayPal from $77.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Monness Crespi & Hardt increased their price target on shares of PayPal from $80.00 to $88.00 and gave the company a “buy” rating in a report on Monday, July 29th. Seventeen equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, PayPal presently has a consensus rating of “Moderate Buy” and an average price target of $75.56.

PayPal Price Performance

NASDAQ:PYPL traded up $2.46 during mid-day trading on Tuesday, reaching $71.89. 23,521,986 shares of the company were exchanged, compared to its average volume of 14,511,910. PayPal Holdings, Inc. has a 12 month low of $50.25 and a 12 month high of $72.56. The company has a fifty day moving average of $61.41 and a 200 day moving average of $62.48. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. The stock has a market cap of $73.50 billion, a PE ratio of 18.11, a PEG ratio of 0.94 and a beta of 1.42.

PayPal (NASDAQ:PYPL) last issued its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $1.19 EPS for the quarter, topping 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 analyst estimates of $7.82 billion. During the same quarter in the prior year, the firm earned $0.83 EPS. The company’s revenue was up 8.2% on a year-over-year basis. On average, research analysts anticipate that PayPal Holdings, Inc. will post 4.42 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.