Connor Clark & Lunn Investment Management Ltd. Acquires 68,235 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 158.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,403 shares of the business services provider’s stock after acquiring an additional 68,235 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.09% of Paymentus worth $3,640,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. HighTower Advisors LLC purchased a new stake in Paymentus in the 4th quarter valued at about $591,000. Independent Advisor Alliance purchased a new stake in shares of Paymentus in the fourth quarter valued at approximately $418,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Paymentus in the fourth quarter worth approximately $273,000. Raymond James Financial Inc. purchased a new position in Paymentus during the 4th quarter worth $3,109,000. Finally, Victory Capital Management Inc. bought a new stake in Paymentus during the 4th quarter valued at $215,000. Institutional investors own 78.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Wells Fargo & Company raised their target price on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Wedbush reaffirmed an “outperform” rating and issued a $38.00 price target on shares of Paymentus in a research report on Wednesday, March 12th. StockNews.com downgraded shares of Paymentus from a “hold” rating to a “sell” rating in a research note on Tuesday, March 11th. Finally, Robert W. Baird reduced their price objective on shares of Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.83.

Insider Transactions at Paymentus

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

Paymentus Stock Down 4.7 %

NYSE PAY opened at $28.26 on Tuesday. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $38.94. The company has a 50 day moving average price of $29.91 and a 200 day moving average price of $28.67. The firm has a market cap of $3.52 billion, a PE ratio of 91.15 and a beta of 1.68.

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.