PayPal (NASDAQ:PYPL) Price Target Raised to $70.00

PayPal (NASDAQ:PYPL) had its target price lifted by Wells Fargo & Company from $65.00 to $70.00 in a research note published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the credit services provider’s stock.

PYPL has been the topic of several other research reports. Royal Bank of Canada reiterated an outperform rating and set a $84.00 price objective on shares of PayPal in a report on Wednesday. New Street Research assumed coverage on PayPal in a research report on Friday, May 31st. They set a buy rating and a $80.00 price target for the company. Jefferies Financial Group decreased their price target on shares of PayPal from $70.00 to $65.00 in a research note on Monday. JMP Securities raised their price target on shares of PayPal from $70.00 to $82.00 and gave the stock a market outperform rating in a research note on Wednesday, May 1st. Finally, Citigroup raised their price target on shares of PayPal from $79.00 to $81.00 and gave the stock a buy rating in a research note on Monday, June 10th. Nineteen equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average target price of $75.03.

PayPal Price Performance

PayPal stock opened at $65.78 on Wednesday. The firm has a market capitalization of $68.81 billion, a P/E ratio of 16.57, a PEG ratio of 1.04 and a beta of 1.42. PayPal has a 1 year low of $50.25 and a 1 year high of $76.54. The business has a 50-day moving average of $60.93 and a 200-day moving average of $62.19. The company has a current ratio of 1.24, a quick ratio of 1.28 and a debt-to-equity ratio of 0.47.

PayPal (NASDAQ:PYPL) last released its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.20. PayPal had a return on equity of 22.82% and a net margin of 14.30%. The business had revenue of $7.89 billion for the quarter, compared to analysts’ expectations of $7.82 billion. During the same quarter in the previous year, the business posted $0.83 EPS. PayPal’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts anticipate that PayPal will post 4.17 EPS for the current year.

Insider Buying and Selling

In related news, Director Deborah M. Messemer sold 4,422 shares of PayPal stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $61.65, for a total value of $272,616.30. Following the transaction, the director now directly owns 13,976 shares of the company’s stock, valued at $861,620.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Institutional Investors Weigh In On PayPal

A number of hedge funds have recently added to or reduced their stakes in PYPL. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in PayPal in the fourth quarter worth approximately $25,000. Pittenger & Anderson Inc. increased its holdings in shares of PayPal by 77.5% during the first quarter. Pittenger & Anderson Inc. now owns 394 shares of the credit services provider’s stock valued at $26,000 after acquiring an additional 172 shares in the last quarter. American National Bank bought a new stake in shares of PayPal during the first quarter valued at approximately $27,000. Private Wealth Management Group LLC bought a new stake in shares of PayPal during the fourth quarter valued at approximately $29,000. Finally, Family Firm Inc. bought a new stake in shares of PayPal during the second quarter valued at approximately $29,000. 68.32% of the stock is currently owned by institutional investors.

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.