Research analysts at Needham & Company LLC have reaffirmed their “buy” rating for PAR Technology Corporation (NYSE: PAR) in a recent research note. They set a target price of $90.00 on the software maker’s stock, suggesting a potential upside of 29.25% from its current market price. This positive outlook comes as the company navigates a complex financial landscape.
In a separate analysis, The Goldman Sachs Group increased its target price for PAR Technology from $57.00 to $65.00, rating it as “neutral.” This adjustment reflects a cautious optimism regarding the company’s future performance. Currently, one investment analyst has assigned a sell rating, while two suggest a hold, and six analysts advocate for a buy rating. According to data from MarketBeat.com, PAR Technology holds an average rating of “Moderate Buy” alongside an average target price of $79.86.
Recent Earnings and Performance Insights
PAR Technology disclosed its latest earnings results on May 9, 2023, reporting an earnings per share (EPS) of ($0.01), surpassing analysts’ expectations of ($0.05) by $0.04. The company generated revenue of $103.86 million for the quarter, slightly below the consensus estimate of $105.16 million. Despite a negative net margin of 2.88% and a negative return on equity of 3.90%, the revenue reflected a remarkable growth of 48.2% compared to the same period last year, when the company posted an EPS of ($0.36). Analysts project that PAR Technology will report an EPS of ($1.47) for the current fiscal year.
Insider Trading and Institutional Investments
In related news, Director Douglas Gregory Rauch sold 1,000 shares of PAR Technology on May 20, 2023, at an average price of $69.98, totaling $69,980.00. Following this transaction, Rauch’s ownership decreased to 11,760 shares, valued at approximately $822,964.80. This sale has been disclosed in a filing with the Securities and Exchange Commission.
Institutional interest in PAR Technology has also fluctuated, with several hedge funds adjusting their holdings. Notable movements include The Manufacturers Life Insurance Company, which increased its position by 1.0% during the fourth quarter, owning 17,303 shares valued at $1,257,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in the first quarter by 3.9%, acquiring an additional 234 shares for a total of 6,233 shares valued at $382,000. Other investors, such as Signaturefd LLC and US Bancorp DE, have also bolstered their stakes, highlighting growing institutional confidence in the company.
PAR Technology Corporation specializes in providing cloud-based hardware and software solutions specifically tailored for the restaurant and retail industries. Its product offerings include PUNCHH, a customer loyalty and engagement platform; MENU, an eCommerce platform; BRINK POS, an open cloud point-of-sale solution; and PAR PAYMENT SERVICES, which facilitates electronic payment and processing services.
As PAR Technology continues to evolve within the competitive technology landscape, investor sentiment and market analysis will play critical roles in shaping its trajectory moving forward.
