Franklin Resources Inc. Sells 32,273 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Franklin Resources Inc. lowered its position in Paymentus Holdings, Inc. (NYSE:PAY) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,041,056 shares of the business services provider’s stock after selling 32,273 shares during the period. Franklin Resources Inc. owned approximately 1.64% of Paymentus worth $40,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. nVerses Capital LLC boosted its holdings in Paymentus by 550.0% during the 3rd quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 1,100 shares during the period. MCF Advisors LLC grew its holdings in shares of Paymentus by 80.1% in the second quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after purchasing an additional 650 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after buying an additional 1,027 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Paymentus during the 3rd quarter valued at about $43,000. Finally, Arcadia Investment Management Corp MI boosted its position in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after buying an additional 1,381 shares during the period. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Paymentus Stock Performance

PAY stock opened at $35.69 on Wednesday. The firm has a 50-day simple moving average of $30.04 and a two-hundred day simple moving average of $23.84. Paymentus Holdings, Inc. has a one year low of $14.77 and a one year high of $38.94. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 115.13 and a beta of 1.63.

Insider Activity at Paymentus

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the firm’s stock in a transaction 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 completion of the sale, the general counsel now owns 97,925 shares of the company’s stock, valued at $3,658,478. This trade represents a 25.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 87.76% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PAY has been the topic of a number of research reports. Robert W. Baird raised their target price 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. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Wells Fargo & Company increased their price target on Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price objective on Paymentus from $21.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, The Goldman Sachs Group increased their target price on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Seven analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.80.

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.