Royce & Associates LP, a significant investor, decreased its stake in PAR Technology Co. (NYSE:PAR) by 17.8% during the fourth quarter, according to a recent filing with the Securities and Exchange Commission (SEC).
The fund, in its most recent filing, reported owning 973,287 shares of the software maker’s stock, following the sale of 210,992 shares during the quarter. PAR Technology now represents 0.7% of Royce & Associates LP’s investment portfolio, making it the firm’s 21st largest holding.
As of the latest SEC filing, Royce & Associates LP’s investment in PAR Technology was valued at $70,729,000, representing 2.51% of PAR Technology’s total worth.
Several other hedge funds have also adjusted their positions in PAR Technology recently.
- Bamco Inc. NY increased its holdings by 15.2% in the third quarter, now owning 1,170,908 shares worth $60,981,000 after purchasing an additional 154,921 shares.
- TimesSquare Capital Management LLC increased its holdings by 47.1% during the fourth quarter, controlling 406,585 shares valued at $29,547,000 after an additional purchase of 130,121 shares.
- Fred Alger Management LLC initiated a new stake in PAR Technology during the third quarter, valued at approximately $6,600,000.
- Connor Clark & Lunn Investment Management Ltd. also acquired a new stake in the fourth quarter valued at approximately $6,275,000.
- Geode Capital Management LLC increased its holdings by 11.1% in the third quarter, now owning 819,035 shares worth $42,664,000 after purchasing an additional 81,551 shares.
On Friday, PAR Technology (NYSE:PAR) opened at $58.54. The company’s financial metrics include a debt-to-equity ratio of 0.67, a current ratio of 2.13, and a quick ratio of 1.91. The 50-day moving average for the stock is $68.13, and the 200-day moving average is $66.17.
The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of -234.17, and a beta of 2.19. PAR Technology Co. has a 52-week low of $37.74 and a 52-week high of $82.24.
PAR Technology last released its earnings results on February 28th. The company reported a loss per share of ($0.21) for the quarter, falling short of the analysts’ consensus estimate of ($0.04) by ($0.17). Revenue for the quarter was $105.01 million, exceeding analysts’ expectations of $99.10 million. The company had a negative net margin of 0.66% and a negative return on equity of 8.99%. The company’s quarterly revenue increased by 50.2% year-over-year. During the same period last year, the company reported earnings of ($0.33) per share.
Analysts currently anticipate that PAR Technology Co. will report earnings of -1.47 per share for the current fiscal year.
Wall Street Analyst Ratings
Several equity research analysts have recently provided reports on PAR Technology shares:
- Needham & Company LLC reiterated a “buy” rating and set a $90.00 price target on February 28th.
- The Goldman Sachs Group raised their price objective from $71.00 to $79.00 and maintained a “neutral” rating on December 2nd.
- StockNews.com upgraded PAR Technology to a “sell” rating on March 3rd.
- Stephens reaffirmed an “overweight” rating and issued a $90.00 price objective on February 28th.
- Benchmark reiterated a “buy” rating on February 28th.
Currently, one analyst has a sell rating on the stock, two have hold ratings, and six have buy ratings. According to MarketBeat, the consensus rating is “Moderate Buy,” with a consensus price target of $81.86.
PAR Technology Corporation provides cloud-based software and hardware solutions to the restaurant and retail industries worldwide. Its Restaurant/Retail segment offers PUNCHH, an enterprise-grade loyalty and engagement solution; MENU, an e-commerce platform; BRINK POS, a point-of-sale solution; PAR PAYMENT SERVICES, a payment processing service; and DATA CENTRAL, a back-office solution.
