Paymentus (NYSE:PAY) Earns Outperform Rating from Analysts at Wedbush

Wedbush initiated coverage on shares of Paymentus (NYSE:PAY) in a report released on Monday morning, Marketbeat.com reports. The brokerage issued an outperform rating on the business services provider’s stock.

PAY has been the topic of a number of other research reports. Wells Fargo & Company raised their target price on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group upped their target price on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Robert W. Baird lifted their price target on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Seven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $30.00.

Paymentus Stock Down 0.9 %

PAY stock opened at $32.21 on Monday. Paymentus has a twelve month low of $14.77 and a twelve month high of $38.94. The company has a market cap of $4.01 billion, a P/E ratio of 103.90 and a beta of 1.66. The business’s fifty day moving average is $33.04 and its 200-day moving average is $27.14.

Insider Activity at Paymentus

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total value of $1,280,401.92. Following the sale, the general counsel now owns 97,925 shares of the company’s stock, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 87.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paymentus

Several hedge funds have recently made changes to their positions in PAY. GSA Capital Partners LLP boosted its holdings in Paymentus by 38.2% during the third quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock worth $2,486,000 after purchasing an additional 34,307 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Paymentus by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after buying an additional 81,853 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of Paymentus during the 3rd quarter worth about $629,000. PDT Partners LLC grew its holdings in shares of Paymentus by 39.4% in the 3rd quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock valued at $964,000 after acquiring an additional 13,621 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock valued at $864,000 after acquiring an additional 28,628 shares during the last quarter. 78.38% of the stock is owned by institutional investors.

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.