Mastercard shares fall for a third straight session on Monday, company to create 1 500 tech jobs in Dublin

Mastercard Inc (MA) intends to recruit 1 500 additional staff in Dublin over the upcoming 3 to 5 years, Reuters reported.

According to IDA Ireland state agency, as a result of the move, Mastercard’s headcount will increase to over 2 000 from the current 650.

Mastercard shares closed lower for a third consecutive trading session in New York on Monday. It has also been the steepest single-session loss since October 22nd 2019. The stock went down 4.42% ($15.03) to $324.67, after touching an intraday low at $314.47, or a price level not seen since January 27th ($312.50).

Shares of Mastercard Inc have risen 8.73% so far in 2020 compared with a 0.15% loss for the benchmark index, S&P 500 (SPX).

In 2019, Mastercard’s stock went up 58.28%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.

Mastercard said it intended to hire staff in fast-growing fields such as artificial intelligence, blockchain, cyber security and user experience.

The credit card issuer also said that it would take on 22 500 square meters of additional space in two newly constructed office blocks in proximity to its current location in Dublin to support workforce expansion.

“This is excellent news and further proof of Ireland’s place as a global hub for technology. The 1,500 jobs being created at Mastercard are high quality, skilled positions,” Ireland’s Prime Minister Leo Varadkar was quoted as saying by Reuters.

Analyst stock price forecast and recommendation

According to CNN Money, the 33 analysts, offering 12-month forecasts regarding Mastercard Inc’s stock price, have a median target of $362.00, with a high estimate of $383.00 and a low estimate of $330.00. The median estimate represents an 11.50% upside compared to the closing price of $324.67 on February 24th.

The same media also reported that at least 29 out of 36 surveyed investment analysts had rated Mastercard Inc’s stock as “Buy”, while 2 – as “Hold”.