Paymentus (NYSE:PAY) Cut to “Sell” at StockNews.com

Paymentus (NYSE:PAY) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

PAY has been the subject of several other research reports. Wedbush restated an “outperform” rating and set a $38.00 price objective on shares of Paymentus in a research report on Wednesday, March 12th. Wells Fargo & Company boosted their price objective on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Robert W. Baird decreased their target price on shares of Paymentus from $36.00 to $30.00 and set an “outperform” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. cut their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 11th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $30.83.

Paymentus Stock Performance

Shares of PAY stock traded down $1.39 during mid-day trading on Friday, hitting $24.17. 566,063 shares of the stock traded hands, compared to its average volume of 326,112. Paymentus has a twelve month low of $16.94 and a twelve month high of $38.94. The company’s 50-day simple moving average is $28.85 and its 200-day simple moving average is $29.12. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 77.97 and a beta of 1.65.

Insider Activity at Paymentus

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total transaction of $98,178.60. Following the completion of the sale, the general counsel now directly owns 94,855 shares in the company, valued at $3,033,462.90. The trade was a 3.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 466,035 shares in the company, valued at $14,908,459.65. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

Institutional Trading of Paymentus

A number of institutional investors have recently added to or reduced their stakes in PAY. Capital International Investors raised its holdings in shares of Paymentus by 25.6% during the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock valued at $142,509,000 after purchasing an additional 888,914 shares in the last quarter. Vanguard Group Inc. increased its position in Paymentus by 17.9% during the fourth quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider’s stock worth $58,697,000 after buying an additional 273,027 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Paymentus by 23.8% during the fourth quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider’s stock valued at $28,713,000 after buying an additional 169,237 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Paymentus in the fourth quarter worth about $24,568,000. Finally, Invesco Ltd. lifted its position in shares of Paymentus by 246.2% in the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock worth $18,931,000 after buying an additional 412,095 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors and hedge funds.

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.