PayPal (NASDAQ:PYPL) Stock Price Down 2.3% Following Analyst Downgrade

PayPal Holdings, Inc. (NASDAQ:PYPL) dropped 2.3% during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $104.00 to $88.00. Royal Bank of Canada currently has an outperform rating on the stock. PayPal traded as low as $63.54 and last traded at $64.79. Approximately 2,651,609 shares traded hands during trading, a decline of 77% from the average daily volume of 11,425,296 shares. The stock had previously closed at $66.32.

A number of other analysts have also recently issued reports on PYPL. Robert W. Baird raised their target price on shares of PayPal from $78.00 to $79.00 and gave the stock an “outperform” rating in a research note on Wednesday. BTIG Research restated a “neutral” rating on shares of PayPal in a research report on Tuesday, February 4th. Canaccord Genuity Group restated a “buy” rating and issued a $96.00 target price on shares of PayPal in a research report on Wednesday. Monness Crespi & Hardt dropped their target price on shares of PayPal from $120.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Finally, BMO Capital Markets dropped their target price on shares of PayPal from $83.00 to $79.00 and set a “market perform” rating for the company in a research report on Wednesday. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.72.

Insider Transactions at PayPal

In other news, Director Gail J. Mcgovern sold 2,446 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 29,734 shares in the company, valued at approximately $2,145,308.10. The trade was a 7.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of PayPal by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 21,736,394 shares of the credit services provider’s stock worth $1,849,884,000 after purchasing an additional 271,836 shares during the period. FMR LLC lifted its position in shares of PayPal by 12.9% in the 4th quarter. FMR LLC now owns 18,923,662 shares of the credit services provider’s stock worth $1,615,134,000 after purchasing an additional 2,161,582 shares during the period. Capital Research Global Investors lifted its position in shares of PayPal by 108.2% during the 4th quarter. Capital Research Global Investors now owns 17,924,106 shares of the credit services provider’s stock valued at $1,529,823,000 after acquiring an additional 9,313,783 shares during the period. Norges Bank bought a new position in PayPal during the fourth quarter worth $1,086,508,000. Finally, Northern Trust Corp grew its holdings in PayPal by 19.0% in the fourth quarter. Northern Trust Corp now owns 10,462,251 shares of the credit services provider’s stock worth $892,953,000 after purchasing an additional 1,669,908 shares during the period. Institutional investors and hedge funds own 68.32% of the company’s stock.

PayPal Trading Down 0.7 %

The firm’s 50 day simple moving average is $66.08 and its two-hundred day simple moving average is $78.30. The stock has a market capitalization of $64.35 billion, a P/E ratio of 16.42, a P/E/G ratio of 1.27 and a beta of 1.60. 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 (NASDAQ:PYPL) last issued its earnings results on Tuesday, April 29th. The credit services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.16 by $0.17. The company had revenue of $7.79 billion during the quarter, compared to the consensus estimate of $7.84 billion. PayPal had a return on equity of 23.67% and a net margin of 13.04%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $1.08 EPS. As a group, analysts forecast that PayPal Holdings, Inc. will post 5.03 earnings per share 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.