Paymentus (NYSE:PAY) Upgraded at StockNews.com

StockNews.com upgraded shares of Paymentus (NYSE:PAY) from a sell rating to a hold rating in a research report released on Wednesday.

A number of other research analysts have also recently weighed in on PAY. Wedbush reiterated an “outperform” rating and issued a $38.00 target price on shares of Paymentus in a research note on Wednesday, March 12th. JPMorgan Chase & Co. dropped their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. Robert W. Baird dropped their target price on shares of Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Finally, Wells Fargo & Company boosted their target price on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $31.83.

Paymentus Stock Performance

Shares of PAY stock opened at $27.31 on Wednesday. Paymentus has a 52-week low of $16.94 and a 52-week high of $38.94. The company has a 50-day simple moving average of $29.59 and a two-hundred day simple moving average of $28.72. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 88.10 and a beta of 1.68.

Insider Buying and Selling

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the transaction, the general counsel now owns 94,855 shares of the company’s stock, valued at $3,033,462.90. This represents a 3.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now directly owns 466,035 shares in the company, valued at $14,908,459.65. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paymentus

Several institutional investors and hedge funds have recently made changes to their positions in PAY. Capital International Investors grew its holdings in shares of Paymentus by 25.6% during the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock valued at $142,509,000 after purchasing an additional 888,914 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Paymentus during the 4th quarter valued at $24,568,000. Invesco Ltd. boosted its position in Paymentus by 246.2% during the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after buying an additional 412,095 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in Paymentus during the 4th quarter valued at $12,064,000. Finally, Adams Street Partners LLC purchased a new stake in Paymentus during the 4th quarter valued at $8,953,000. Institutional investors own 78.38% of the company’s stock.

Paymentus Company Profile

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.