Is PAR Technology Corporation (PAR) a High-Growth Stock?

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s performance was flat compared to the Russell 2000 Growth Index in the fourth quarter. The fund (institutional shares) returned 0.22% compared to the benchmark return of 4.13%. The fund (institutional shares) fell by 35.12% for the full year compared to a 26.36% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Discovery Fund highlighted stocks like PAR Technology Corporation (NYSE:PAR) in the Q4 2022 investor letter. Headquartered in New Hartford, New York, PAR Technology Corporation (NYSE:PAR) is a technology company that serves restaurants and retail industries. On February 24, 2023, PAR Technology Corporation (NYSE:PAR) stock closed at $35.88 per share. One-month return of PAR Technology Corporation (NYSE:PAR) was 8.60%, and its shares lost 14.45% of their value over the last 52 weeks. PAR Technology Corporation (NYSE:PAR) has a market capitalization of $979.158 million.

Baron Discovery Fund made the following comment about PAR Technology Corporation (NYSE:PAR) in its Q4 2022 investor letter:

“During the quarter, we added to our position in PAR Technology Corporation (NYSE:PAR), a provider of software to the restaurant industry. The company continues to grow software revenues at over 30% annually, and we believe it can continue to do so over the next couple of years. The company had pulled back with the rest of the software sector creating what we believe is a great entry point to purchase more stock. We believe the stock can more than triple over the next five years and remain bullish on its prospects.”

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PAR Technology Corporation (NYSE:PAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held PAR Technology Corporation (NYSE:PAR) at the end of the fourth quarter which was 19 in the previous quarter.

We discussed PAR Technology Corporation (NYSE:PAR) in another article and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.