Paymentus (NYSE:PAY) Given New $33.00 Price Target at Wells Fargo & Company

Paymentus (NYSE:PAY) had its target price increased by research analysts at Wells Fargo & Company from $27.00 to $33.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.46% from the company’s current price.

A number of other equities research analysts have also recently weighed in on PAY. Robert W. Baird lifted their price target on shares of Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group downgraded shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group increased their price target on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.00.

Paymentus Stock Performance

Shares of NYSE PAY traded up $0.37 during mid-day trading on Thursday, reaching $30.71. 44,017 shares of the company’s stock were exchanged, compared to its average volume of 535,584. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 99.06 and a beta of 1.67. Paymentus has a 52-week low of $14.77 and a 52-week high of $38.94. The company’s 50-day moving average is $33.72 and its 200-day moving average is $25.92.

Insiders Place Their Bets

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $37.36, for a total transaction of $1,280,401.92. Following the sale, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. The trade was a 25.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 87.76% of the stock is owned by corporate insiders.

Institutional Trading of Paymentus

Large investors have recently made changes to their positions in the company. nVerses Capital LLC increased its position in Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after buying an additional 1,100 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of 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 period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Paymentus during the third quarter worth approximately $43,000. Barclays PLC increased its holdings in shares of Paymentus by 1,569.3% in the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after acquiring an additional 4,755 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Paymentus in the third quarter valued at about $132,000. 78.38% of the stock is 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.