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

PayPal Holdings, Inc. (NASDAQ:PYPL) shares dropped 2.3% 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 equities research analysts also recently weighed in on PYPL. Evercore ISI initiated coverage on shares of PayPal in a research note on Wednesday, April 9th. They set an “in-line” rating and a $65.00 price target on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $96.00 price target on shares of PayPal in a research note on Wednesday. Monness Crespi & Hardt reduced their target price on shares of PayPal from $120.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. UBS Group dropped their target price on shares of PayPal from $88.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of PayPal in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.77.

Insider Buying and Selling at PayPal

In other PayPal news, Director Gail J. Mcgovern sold 2,446 shares of the 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 sale, the director now directly owns 29,734 shares in the company, valued at approximately $2,145,308.10. This trade represents a 7.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On PayPal

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

PayPal Trading Down 0.7 %

The business’s fifty day moving average is $65.89 and its 200 day moving average is $78.20. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $63.93 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.27 and a beta of 1.60.

PayPal (NASDAQ:PYPL) last issued its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.16 by $0.17. PayPal had a net margin of 13.04% and a return on equity of 23.67%. The firm had revenue of $7.79 billion for the quarter, compared to analysts’ expectations of $7.84 billion. During the same period in the previous year, the firm posted $1.08 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities analysts predict that PayPal Holdings, Inc. will post 5.03 earnings per share for the current 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.