Castleark Management LLC Takes Position in Paymentus Holdings, Inc. $PAY

Castleark Management LLC acquired a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 270,770 shares of the business services provider’s stock, valued at approximately $6,878,000.

Other hedge funds have also modified their holdings of the company. KBC Group NV purchased a new stake in Paymentus in the first quarter valued at approximately $41,000. Blue Trust Inc. raised its stake in Paymentus by 186.8% during the fourth quarter. Blue Trust Inc. now owns 2,025 shares of the business services provider’s stock worth $64,000 after purchasing an additional 1,319 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Paymentus in the 4th quarter valued at $80,000. Orange County Employees Retirement System acquired a new position in shares of Paymentus in the 4th quarter valued at $150,000. Finally, Advisors Asset Management Inc. grew its stake in shares of Paymentus by 26.0% during the 4th quarter. Advisors Asset Management Inc. now owns 5,050 shares of the business services provider’s stock valued at $160,000 after buying an additional 1,042 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PAY. Robert W. Baird upped their price objective on Paymentus from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Weiss Ratings cut Paymentus from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Finally, Wedbush boosted their price target on Paymentus from $32.00 to $36.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.20.

Paymentus Trading Down 0.3%

Shares of PAY stock opened at $28.79 on Monday. The company’s fifty day simple moving average is $24.49 and its 200-day simple moving average is $25.67. Paymentus Holdings, Inc. has a 52 week low of $20.11 and a 52 week high of $39.38. The company has a market cap of $3.62 billion, a PE ratio of 50.52 and a beta of 1.31.

Paymentus (NYSE:PAY) last posted its earnings results on Monday, May 4th. The business services provider reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.04. Paymentus had a net margin of 5.78% and a return on equity of 13.75%. The business had revenue of $358.44 million for the quarter, compared to analyst estimates of $335.45 million. During the same quarter in the previous year, the business posted $0.14 EPS. The business’s quarterly revenue was up 30.2% on a year-over-year basis. Equities research analysts expect that Paymentus Holdings, Inc. will post 0.71 EPS for the current fiscal year.

About Paymentus

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.