Smith Asset Management Group LP Invests $50.65 Million in PayPal Holdings, Inc. (PYPL)
Smith Asset Management Group LP acquired a new stake in PayPal Holdings, Inc. (NASDAQ:PYPL) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 943,700 shares of the credit services provider’s stock, valued at approximately $50,648,000. PayPal Holdings accounts for 1.6% of Smith Asset Management Group LP’s portfolio, making the stock its 13th largest position. Smith Asset Management Group LP owned about 0.08% of PayPal Holdings as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of PayPal Holdings by 3.5% in the first quarter. Vanguard Group Inc. now owns 75,643,714 shares of the credit services provider’s stock valued at $3,254,192,000 after buying an additional 2,549,683 shares during the last quarter. FMR LLC raised its position in shares of PayPal Holdings by 28.2% in the first quarter. FMR LLC now owns 60,453,931 shares of the credit services provider’s stock valued at $2,600,728,000 after buying an additional 13,296,056 shares during the last quarter. BlackRock Inc. raised its position in shares of PayPal Holdings by 2,792.8% in the first quarter. BlackRock Inc. now owns 60,103,922 shares of the credit services provider’s stock valued at $2,585,670,000 after buying an additional 58,026,239 shares during the last quarter. Edgewood Management LLC raised its position in shares of PayPal Holdings by 3.7% in the first quarter. Edgewood Management LLC now owns 18,568,508 shares of the credit services provider’s stock valued at $798,817,000 after buying an additional 663,087 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of PayPal Holdings by 15.4% in the first quarter. Wellington Management Group LLP now owns 14,813,195 shares of the credit services provider’s stock valued at $637,263,000 after buying an additional 1,982,305 shares during the last quarter. 82.55% of the stock is owned by institutional investors.
Shares of PayPal Holdings, Inc. (PYPL) opened at 61.46 on Friday. PayPal Holdings, Inc. has a 52 week low of $37.02 and a 52 week high of $62.23. The company has a 50-day moving average price of $59.40 and a 200 day moving average price of $50.59. The stock has a market capitalization of $73.90 billion, a PE ratio of 49.56 and a beta of 0.97. PayPal Holdings also was the target of some unusual options trading on Wednesday. Investors purchased 3,225 call options on the company. This represents an increase of 657% compared to the average volume of 426 call options.
PayPal Holdings (NASDAQ:PYPL) last announced its quarterly earnings results on Wednesday, July 26th. The credit services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. PayPal Holdings had a return on equity of 11.10% and a net margin of 12.82%. The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period last year, the business posted $0.36 EPS. The business’s revenue was up 18.3% compared to the same quarter last year. Equities analysts forecast that PayPal Holdings, Inc. will post $1.83 EPS for the current fiscal year.
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PYPL has been the subject of several recent analyst reports. Sanford C. Bernstein raised PayPal Holdings from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $46.00 to $61.00 in a report on Monday, July 10th. Vetr raised PayPal Holdings from a “hold” rating to a “buy” rating and set a $51.23 price objective for the company in a report on Wednesday, May 17th. Stephens reissued an “overweight” rating and set a $59.00 price objective (up previously from $51.00) on shares of PayPal Holdings in a report on Monday, June 19th. Loop Capital reissued a “hold” rating and set a $49.00 price objective on shares of PayPal Holdings in a report on Wednesday, July 12th. Finally, Barclays PLC boosted their price objective on PayPal Holdings from $63.00 to $66.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $59.80.
In other news, Director Gail J. Mcgovern sold 1,800 shares of PayPal Holdings stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $53.97, for a total value of $97,146.00. Following the transaction, the director now directly owns 12,647 shares in the company, valued at approximately $682,558.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO William J. Ready sold 90,000 shares of PayPal Holdings stock in a transaction on Monday, July 31st. The shares were sold at an average price of $59.25, for a total value of $5,332,500.00. Following the completion of the transaction, the chief operating officer now owns 29,252 shares in the company, valued at $1,733,181. The disclosure for this sale can be found here. Insiders sold a total of 264,502 shares of company stock worth $15,472,950 over the last quarter. Company insiders own 6.00% of the company’s stock.
About PayPal Holdings
PayPal Holdings, Inc is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants. The Company’s combined payment solutions, including its PayPal, PayPal Credit, Braintree, Venmo, Xoom and Paydiant products, compose its Payments Platform.
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