Paymentus (NYSE:PAY) Given New $36.00 Price Target at Robert W. Baird

Paymentus (NYSE:PAY) had its price target reduced by equities research analysts at Robert W. Baird from $40.00 to $36.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the business services provider’s stock. Robert W. Baird’s price target would indicate a potential upside of 44.47% from the company’s previous close.

A number of other brokerages have also recently commented on PAY. Wells Fargo & Company increased their price objective 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. The Goldman Sachs Group increased their price target on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Wedbush began coverage on Paymentus in a report on Monday, February 3rd. They set an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.00.

Paymentus Price Performance

NYSE PAY opened at $24.92 on Tuesday. The company has a market capitalization of $3.11 billion, a P/E ratio of 80.38 and a beta of 1.68. Paymentus has a 1-year low of $16.94 and a 1-year high of $38.94. The business has a 50 day moving average price of $30.45 and a 200 day moving average price of $28.41.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Paymentus

Large investors have recently bought and sold shares of the stock. Park Square Financial Group LLC purchased a new stake in shares of Paymentus during the 4th quarter valued at $32,000. Advisors Asset Management Inc. boosted its holdings in Paymentus by 155.1% in the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Paymentus during the fourth quarter valued at about $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Paymentus during the third quarter worth about $43,000. Finally, R Squared Ltd acquired a new position in shares of Paymentus in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 78.38% 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.