Lord Abbett & CO. LLC Acquires Shares of 686,736 PayPal Holdings, Inc. (NASDAQ:PYPL)

Lord Abbett & CO. LLC bought a new position in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 686,736 shares of the credit services provider’s stock, valued at approximately $53,586,000.

Several other hedge funds have also modified their holdings of the stock. Gordian Capital Singapore Pte Ltd bought a new position in PayPal in the 3rd quarter valued at $26,000. Planning Capital Management Corp lifted its stake in shares of PayPal by 186.1% during the third quarter. Planning Capital Management Corp now owns 412 shares of the credit services provider’s stock valued at $32,000 after acquiring an additional 268 shares during the period. Financial Management Professionals Inc. boosted its holdings in PayPal by 125.3% in the third quarter. Financial Management Professionals Inc. now owns 437 shares of the credit services provider’s stock valued at $34,000 after acquiring an additional 243 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in PayPal in the third quarter valued at about $36,000. Finally, Family Firm Inc. acquired a new stake in PayPal in the second quarter worth about $29,000. 68.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Macquarie raised their target price on shares of PayPal from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods increased their price objective on shares of PayPal from $92.00 to $104.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Sanford C. Bernstein cut shares of PayPal from an “outperform” rating to a “market perform” rating and upped their target price for the company from $75.00 to $80.00 in a research report on Thursday, October 10th. Piper Sandler reaffirmed a “neutral” rating and set a $88.00 price objective on shares of PayPal in a research note on Friday, November 22nd. Finally, Barclays raised their target price on PayPal from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Fifteen equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.74.

PayPal Price Performance

Shares of NASDAQ PYPL opened at $91.02 on Friday. PayPal Holdings, Inc. has a twelve month low of $55.77 and a twelve month high of $93.66. The company has a market cap of $91.25 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 1.66 and a beta of 1.44. The business’s 50 day moving average price is $83.87 and its two-hundred day moving average price is $72.30. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.49.

PayPal (NASDAQ:PYPL) last posted its quarterly earnings results on Tuesday, October 29th. The credit services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. PayPal had a return on equity of 23.44% and a net margin of 14.08%. The business had revenue of $7.85 billion for the quarter, compared to analysts’ expectations of $7.88 billion. During the same quarter in the prior year, the business earned $0.97 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts predict that PayPal Holdings, Inc. will post 4.57 EPS for the current 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.