Envestnet Asset Management Inc. Decreases Stock Position in PayPal Holdings, Inc. (NASDAQ:PYPL)

Envestnet Asset Management Inc. lowered its position in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) by 6.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,220,631 shares of the credit services provider’s stock after selling 88,749 shares during the period. Envestnet Asset Management Inc. owned approximately 0.12% of PayPal worth $70,833,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Pittenger & Anderson Inc. lifted its holdings in PayPal by 77.5% in the 1st quarter. Pittenger & Anderson Inc. now owns 394 shares of the credit services provider’s stock worth $26,000 after buying an additional 172 shares in the last quarter. American National Bank acquired a new position in shares of PayPal in the first quarter worth about $27,000. Family Firm Inc. purchased a new position in PayPal in the second quarter valued at about $29,000. Register Financial Advisors LLC purchased a new position in PayPal in the first quarter valued at about $30,000. Finally, Tortoise Investment Management LLC grew its stake in PayPal by 930.0% during the 2nd quarter. Tortoise Investment Management LLC now owns 515 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 465 shares in the last quarter. 68.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PYPL. Robert W. Baird increased their target price on PayPal from $77.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Macquarie raised their price objective on shares of PayPal from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Argus upgraded shares of PayPal from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Jefferies Financial Group decreased their price target on PayPal from $70.00 to $65.00 in a research note on Monday, July 29th. Finally, Wells Fargo & Company upped their price objective on PayPal from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Eighteen research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.56.

PayPal Stock Up 1.0 %

PYPL stock opened at $71.77 on Wednesday. The firm’s 50-day moving average is $66.04 and its two-hundred day moving average is $64.10. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $75.07 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 1.00 and a beta of 1.43. PayPal Holdings, Inc. has a 52 week low of $50.25 and a 52 week high of $74.40.

PayPal (NASDAQ:PYPL) last released 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. PayPal had a return on equity of 22.82% and a net margin of 14.30%. The firm had revenue of $7.89 billion during the quarter, compared to the consensus estimate of $7.82 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, analysts forecast that PayPal Holdings, Inc. will post 4.42 earnings per share for the current fiscal year.

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.