Paymentus Holdings, Inc. (NYSE:PAY) Stake Lessened by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC trimmed its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 0.1% during the third quarter, HoldingsChannel reports. The fund owned 584,009 shares of the business services provider’s stock after selling 752 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Paymentus were worth $11,692,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. RiverPark Advisors LLC raised its stake in Paymentus by 139.1% during the second quarter. RiverPark Advisors LLC now owns 14,269 shares of the business services provider’s stock valued at $271,000 after buying an additional 8,302 shares in the last quarter. Ridgewood Investments LLC increased its holdings in shares of Paymentus by 61.5% in the 2nd quarter. Ridgewood Investments LLC now owns 42,000 shares of the business services provider’s stock valued at $798,000 after acquiring an additional 16,000 shares during the last quarter. MCF Advisors LLC raised its position in shares of Paymentus by 80.1% during the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 650 shares in the last quarter. Arcadia Investment Management Corp MI lifted its stake in Paymentus by 141.1% during the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock worth $45,000 after purchasing an additional 1,381 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Paymentus by 4.0% in the second quarter. Dimensional Fund Advisors LP now owns 541,049 shares of the business services provider’s stock worth $10,279,000 after purchasing an additional 20,767 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PAY. Wells Fargo & Company increased their target price on shares of Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Robert W. Baird increased their price target on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group boosted their price objective on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $28.80.

Paymentus Price Performance

Shares of PAY stock opened at $35.80 on Tuesday. The business has a 50 day simple moving average of $30.04 and a 200 day simple moving average of $23.84. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of 115.48 and a beta of 1.63. Paymentus Holdings, Inc. has a 12-month low of $14.77 and a 12-month high of $38.94.

Insider Transactions at Paymentus

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the sale, the general counsel now directly owns 97,925 shares in the company, valued at $3,658,478. The trade was a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 87.76% of the company’s stock.

Paymentus 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.