Paymentus (NYSE:PAY) Price Target Raised to $24.00

Paymentus (NYSE:PAY) had its target price hoisted by Robert W. Baird from $23.00 to $24.00 in a research note issued to investors on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the business services provider’s stock.

PAY has been the topic of a number of other research reports. Canaccord Genuity Group raised Paymentus to a strong-buy rating in a report on Monday, July 8th. Citigroup raised their price objective on Paymentus from $20.00 to $22.00 and gave the stock a neutral rating in a research report on Tuesday, May 7th. The Goldman Sachs Group raised their price objective on Paymentus from $21.00 to $23.50 and gave the stock a neutral rating in a research report on Friday, August 9th. Wells Fargo & Company raised their price objective on Paymentus from $19.00 to $21.00 and gave the stock an equal weight rating in a research report on Tuesday, May 7th. Finally, Baird R W upgraded Paymentus from a hold rating to a strong-buy rating in a research report on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Paymentus presently has an average rating of Moderate Buy and a consensus price target of $19.31.

Paymentus Stock Up 2.0 %

PAY opened at $23.64 on Thursday. The firm has a market capitalization of $2.94 billion, a P/E ratio of 102.78 and a beta of 1.47. The stock’s 50 day moving average price is $19.88 and its two-hundred day moving average price is $19.45. Paymentus has a 12-month low of $13.09 and a 12-month high of $25.21.

Paymentus (NYSE:PAY) last released its earnings results on Thursday, August 8th. The business services provider reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. The firm had revenue of $197.42 million for the quarter, compared to analyst estimates of $180.57 million. Paymentus had a return on equity of 9.45% and a net margin of 4.63%. The company’s revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.06 EPS. As a group, analysts anticipate that Paymentus will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Andrew A. Gerber sold 5,576 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $18.85, for a total transaction of $105,107.60. Following the completion of the transaction, the general counsel now owns 136,536 shares in the company, valued at approximately $2,573,703.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 87.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paymentus

Institutional investors have recently bought and sold shares of the business. MCF Advisors LLC raised its position in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Paymentus in the 4th quarter valued at $45,000. Arcadia Investment Management Corp MI raised its position in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,381 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Paymentus by 2,948.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,786 shares of the business services provider’s stock valued at $86,000 after purchasing an additional 4,629 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new position in Paymentus in the 1st quarter valued at $106,000. Institutional investors own 12.55% of the company’s stock.

About Paymentus

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.