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

Summit Global Investments increased its holdings in PayPal Holdings, Inc. (NASDAQ:PYPL) by 60.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,681 shares of the credit services provider’s stock after buying an additional 4,023 shares during the period. Summit Global Investments’ holdings in PayPal were worth $620,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PYPL. Pittenger & Anderson Inc. raised its position in 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 purchasing an additional 172 shares in the last quarter. Verity Asset Management Inc. raised its position in PayPal by 1.9% during the first quarter. Verity Asset Management Inc. now owns 9,708 shares of the credit services provider’s stock valued at $650,000 after purchasing an additional 181 shares in the last quarter. Indiana Trust & Investment Management CO raised its position in PayPal by 18.6% during the first quarter. Indiana Trust & Investment Management CO now owns 1,175 shares of the credit services provider’s stock valued at $79,000 after purchasing an additional 184 shares in the last quarter. CarsonAllaria Wealth Management Ltd. increased its holdings in shares of PayPal by 65.8% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 466 shares of the credit services provider’s stock worth $31,000 after buying an additional 185 shares in the last quarter. Finally, Wealthspire Advisors LLC increased its holdings in shares of PayPal by 1.3% during the fourth quarter. Wealthspire Advisors LLC now owns 15,551 shares of the credit services provider’s stock worth $955,000 after buying an additional 206 shares in the last quarter. 68.32% of the stock is currently owned by institutional investors and hedge funds.

PayPal Price Performance

PYPL traded up $2.46 during trading on Tuesday, reaching $71.89. 23,521,986 shares of the company were exchanged, compared to its average volume of 14,511,910. The company’s 50-day moving average is $61.41 and its two-hundred day moving average is $62.48. The company has a market cap of $73.50 billion, a price-to-earnings ratio of 18.11, a P/E/G ratio of 0.94 and a beta of 1.42. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. PayPal Holdings, Inc. has a 12-month low of $50.25 and a 12-month high of $72.56.

PayPal (NASDAQ:PYPL) last announced its earnings results on Tuesday, July 30th. The credit services provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.20. The business had revenue of $7.89 billion for the quarter, compared to analyst estimates of $7.82 billion. PayPal had a return on equity of 22.82% and a net margin of 14.30%. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 EPS. Research analysts forecast that PayPal Holdings, Inc. will post 4.42 earnings per share for the current fiscal year.

Insider Activity

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PYPL. UBS Group upped their price target on shares of PayPal from $71.00 to $72.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Jefferies Financial Group lowered their target price on PayPal from $70.00 to $65.00 in a research report on Monday, July 29th. Monness Crespi & Hardt boosted their price target on PayPal from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada restated an “outperform” rating and set a $84.00 price objective on shares of PayPal in a report on Wednesday, July 31st. Finally, Robert W. Baird boosted their price objective on PayPal from $77.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Seventeen research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $75.56.

PayPal 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.