BNP Paribas Financial Markets significantly reduced its stake in PAR Technology Co. (NYSE:PAR) by 73.1% during the fourth quarter, according to its latest SEC disclosure. The firm now owns 4,829 shares of the software company, valued at $351,000 at the end of the quarter, after selling 13,095 shares.
Other hedge funds have also adjusted their holdings in PAR Technology. Proficio Capital Partners LLC established a new position in the company’s shares worth approximately $1,796,000. Barclays PLC increased its stake by 431.3% during the third quarter, now owning 63,536 shares valued at $3,310,000. Principal Financial Group Inc. initiated a new position worth about $205,000, while LPL Financial LLC boosted its holdings by 201.4%, now owning 88,991 shares valued at $6,467,000. Raymond James Financial Inc. also established a new stake worth around $2,067,000.
Analyst Ratings and Price Targets
Several brokerages have recently updated their ratings on PAR Technology. Wall Street Zen downgraded the stock to a “sell” rating on March 3rd. The Goldman Sachs Group raised its price target from $57.00 to $65.00 and maintained a “neutral” rating on May 12th. Citigroup reaffirmed its “neutral” rating on February 28th, while Craig Hallum and Benchmark both reissued “buy” ratings on the same date. Currently, one analyst has a “sell” rating, two have “hold” ratings, and six have “buy” ratings. The consensus rating is “Moderate Buy” with a target price of $79.86.
Insider Activity and Trading Information
Director Douglas Gregory Rauch sold 1,000 shares on May 20th at an average price of $69.98, reducing his holdings by 7.84%. Corporate insiders own 3.70% of the company’s stock. PAR Technology’s shares opened at $65.94 on Tuesday, with a 50-day moving average of $60.62 and a 200-day moving average of $67.57. The company’s 52-week low is $41.86, and its high is $82.24.
Financial Performance and Company Overview
PAR Technology reported a quarterly EPS of ($0.01), beating expectations of ($0.05). The company had revenue of $103.86 million, up 48.2% year-over-year. PAR Technology provides omnichannel cloud-based solutions to the restaurant and retail industries, offering services such as customer loyalty programs, eCommerce platforms, and point-of-sale solutions. The company has a market cap of $2.67 billion and a debt-to-equity ratio of 0.67.
