The Goldman Sachs Group Forecasts Strong Price Appreciation for Paymentus (NYSE:PAY) Stock

Paymentus (NYSE:PAY) had its price objective raised by analysts at The Goldman Sachs Group from $23.50 to $33.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 2.42% from the stock’s current price.

A number of other analysts have also weighed in on PAY. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday. JPMorgan Chase & Co. raised their target price on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Robert W. Baird upped their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Finally, Wells Fargo & Company boosted their price objective on Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Paymentus presently has an average rating of “Hold” and an average target price of $28.80.

Paymentus Stock Down 1.0 %

Shares of NYSE PAY opened at $32.22 on Friday. Paymentus has a 52-week low of $14.77 and a 52-week high of $37.00. The firm’s 50-day moving average price is $23.39 and its two-hundred day moving average price is $21.23. The stock has a market capitalization of $4.01 billion, a P/E ratio of 103.48 and a beta of 1.41.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Paymentus by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock worth $31,596,000 after acquiring an additional 8,457 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Paymentus by 4.0% during the 2nd 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 last quarter. Millennium Management LLC increased its position in shares of Paymentus by 1.1% during the second quarter. Millennium Management LLC now owns 285,781 shares of the business services provider’s stock valued at $5,430,000 after purchasing an additional 3,124 shares during the period. FMR LLC lifted its position in Paymentus by 32,191.6% in the third quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock worth $4,564,000 after purchasing an additional 227,273 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in Paymentus by 8.5% during the second quarter. Cubist Systematic Strategies LLC now owns 137,272 shares of the business services provider’s stock worth $2,608,000 after buying an additional 10,729 shares in the last quarter. 12.55% of the stock is currently owned by institutional investors and hedge funds.

Paymentus Company 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.