Redwood Grove Capital LLC Has $15.65 Million Stake in PayPal Holdings, Inc. (NASDAQ:PYPL)

Redwood Grove Capital LLC decreased its holdings in PayPal Holdings, Inc. (NASDAQ:PYPL) by 23.5% in the fourth quarter, Holdings Channel reports. The firm owned 183,404 shares of the credit services provider’s stock after selling 56,300 shares during the period. PayPal comprises about 4.8% of Redwood Grove Capital LLC’s portfolio, making the stock its 10th largest position. Redwood Grove Capital LLC’s holdings in PayPal were worth $15,654,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of PayPal by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 21,736,394 shares of the credit services provider’s stock valued at $1,849,884,000 after purchasing an additional 271,836 shares during the period. FMR LLC increased its holdings in PayPal by 12.9% in the 4th quarter. FMR LLC now owns 18,923,662 shares of the credit services provider’s stock worth $1,615,134,000 after buying an additional 2,161,582 shares during the period. Capital Research Global Investors raised its position in PayPal by 108.2% during the 4th quarter. Capital Research Global Investors now owns 17,924,106 shares of the credit services provider’s stock worth $1,529,823,000 after buying an additional 9,313,783 shares during the last quarter. Norges Bank acquired a new stake in PayPal during the 4th quarter valued at approximately $1,086,508,000. Finally, Northern Trust Corp boosted its holdings in shares of PayPal by 19.0% in the 4th quarter. Northern Trust Corp now owns 10,462,251 shares of the credit services provider’s stock valued at $892,953,000 after acquiring an additional 1,669,908 shares during the last quarter. Hedge funds and other institutional investors own 68.32% of the company’s stock.

Insider Transactions at PayPal

In other news, Director Gail J. Mcgovern sold 2,446 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $72.15, for a total transaction of $176,478.90. Following the transaction, the director now owns 29,734 shares in the company, valued at approximately $2,145,308.10. The trade was a 7.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley upped their price target on shares of PayPal from $79.00 to $80.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of PayPal in a research note on Tuesday, February 4th. Seaport Res Ptn cut shares of PayPal from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 17th. Compass Point initiated coverage on shares of PayPal in a report on Wednesday, April 23rd. They issued a “sell” rating and a $56.00 price objective for the company. Finally, Robert W. Baird increased their target price on shares of PayPal from $78.00 to $79.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.68.

PayPal Stock Up 0.5%

PYPL stock opened at $72.68 on Thursday. PayPal Holdings, Inc. has a 1 year low of $55.85 and a 1 year high of $93.66. The company has a fifty day simple moving average of $65.83 and a 200 day simple moving average of $77.54. The firm has a market cap of $70.68 billion, a PE ratio of 18.12, a PEG ratio of 1.27 and a beta of 1.51. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.48.

PayPal (NASDAQ:PYPL) last released its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.17. The company had revenue of $7.79 billion during the quarter, compared to analysts’ expectations of $7.84 billion. PayPal had a net margin of 13.04% and a return on equity of 23.67%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.08 earnings per share. Sell-side analysts anticipate that PayPal Holdings, Inc. will post 5.03 EPS 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.