PayPal (NASDAQ:PYPL) Price Target Raised to $89.00

PayPal (NASDAQ:PYPL) had its price target increased by Royal Bank of Canada from $84.00 to $89.00 in a report published on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the credit services provider’s stock.

A number of other brokerages have also recently commented on PYPL. Jefferies Financial Group decreased their target price on shares of PayPal from $70.00 to $65.00 in a research report on Monday, July 29th. Stephens lifted their target price on shares of PayPal from $75.00 to $85.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. BMO Capital Markets lifted their target price on shares of PayPal from $73.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday. UBS Group boosted their price objective on shares of PayPal from $72.00 to $85.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Barclays upped their target price on shares of PayPal from $85.00 to $92.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Seventeen equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.29.

PayPal Stock Down 2.6 %

PYPL opened at $77.25 on Wednesday. The company has a 50 day moving average of $76.50 and a 200 day moving average of $67.66. The company has a market cap of $77.45 billion, a PE ratio of 18.44, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44. PayPal has a 12 month low of $52.55 and a 12 month high of $83.70. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 0.49.

PayPal (NASDAQ:PYPL) last announced its quarterly earnings results on Tuesday, October 29th. The credit services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. PayPal had a net margin of 14.08% and a return on equity of 23.44%. The firm had revenue of $7.85 billion during the quarter, compared to the consensus estimate of $7.88 billion. During the same period last year, the firm earned $0.97 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts expect that PayPal will post 4.54 EPS for the current year.

Hedge Funds Weigh In On PayPal

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA lifted its position in PayPal by 180.7% during the second quarter. Primecap Management Co. CA now owns 4,946,460 shares of the credit services provider’s stock valued at $287,043,000 after purchasing an additional 3,184,160 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in PayPal by 28.1% during the 2nd quarter. Clearbridge Investments LLC now owns 8,511,242 shares of the credit services provider’s stock valued at $493,907,000 after buying an additional 1,866,925 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in PayPal by 9,864.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,119,262 shares of the credit services provider’s stock valued at $87,336,000 after buying an additional 1,108,030 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of PayPal by 139.5% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,544,179 shares of the credit services provider’s stock valued at $120,492,000 after purchasing an additional 899,476 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of PayPal by 31.1% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,899,859 shares of the credit services provider’s stock valued at $194,262,000 after purchasing an additional 687,940 shares in the last quarter. Institutional investors own 68.32% of the company’s stock.

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.