Paymentus (NYSE:PAY) Stock Price Up 4.9% – What’s Next?

Paymentus Holdings, Inc. (NYSE:PAY) shares were up 4.9% during mid-day trading on Tuesday . The company traded as high as $29.27 and last traded at $29.37. Approximately 106,737 shares were traded during trading, a decline of 68% from the average daily volume of 330,562 shares. The stock had previously closed at $28.00.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PAY shares. Wells Fargo & Company lifted their price objective on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. The Goldman Sachs Group set a $28.00 price target on shares of Paymentus and gave the stock a “neutral” rating in a research report on Wednesday, April 2nd. StockNews.com lowered shares of Paymentus from a “hold” rating to a “sell” rating in a report on Friday, April 4th. Wedbush reaffirmed an “outperform” rating and set a $38.00 target price on shares of Paymentus in a research report on Wednesday, March 12th. Finally, Robert W. Baird reduced their price target on Paymentus from $36.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, April 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $30.00.

Paymentus Stock Performance

The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 96.31 and a beta of 1.65. The business’s 50 day moving average is $28.00 and its 200 day moving average is $29.44.

Insider Transactions at Paymentus

In related news, General Counsel Andrew A. Gerber sold 3,070 shares of the firm’s stock in a transaction 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 transaction, the general counsel now owns 94,855 shares of the company’s stock, valued at $3,033,462.90. This trade represents a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 87.76% of the company’s stock.

Hedge Funds Weigh In On Paymentus

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock valued at $14,207,000 after acquiring an additional 81,853 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Paymentus during the 4th quarter worth approximately $215,000. Barclays PLC increased its holdings in shares of Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Paymentus by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock valued at $4,129,000 after purchasing an additional 5,127 shares during the period. Finally, CHURCHILL MANAGEMENT Corp purchased a new stake in Paymentus during the fourth quarter worth $963,000. Institutional investors and hedge funds 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.