PayPal Holdings Inc (NASDAQ: PYPL) ended the week slightly down even after reports that an insider has loaded up on shares of the digital payments firm.
PayPal CEO loads up on PYPL
On Friday, a securities filing confirmed that CEO Dan Schulman spent nearly $2.0 million to buy over 26,000 shares of the financial technology company.
Versus its high in last March, PayPal stock is down about 35% at writing. Nonetheless, fact that the chief executive opted to meaningfully increase his stake in it suggests confidence in the future of the company.
The stock market news arrives only days after CEO Schulman announced plans of stepping down by the end of this year as Invezz reported HERE. The American multinational expects to earn $4.87 of adjusted earnings per share in 2023.
PayPal stock has upside to $108
Earlier in February, PayPal Holdings Inc said it added 2.9 million new accounts and saw better-than-expected profit in its fourth financial quarter.
That was sufficient for BMO analyst James Fotheringham to maintain his “outperform” rating on PayPal stock. He lowered his price objective to $108 but that, nonetheless, signals a whopping 50% upside from here.
Others including Wells Fargo, JPMorgan, and Oppenheimer have also recently recommended buying PayPal stock. PayPal is committed to turning leaner as well. In January, it announced plans of lowering its headcount by 7.0% – a move that affected about 2,000 employees in total.
Source: https://invezz.com/news/2023/02/26/ceo-dan-schulman-buys-paypal-stock/