Wells Fargo & Company Forecasts Strong Price Appreciation for Paymentus (NYSE:PAY) Stock

Paymentus (NYSE:PAY) had its price target boosted by Wells Fargo & Company from $21.00 to $27.00 in a research report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the business services provider’s stock.

Other research analysts have also issued reports about the company. Canaccord Genuity Group lowered Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Robert W. Baird lifted their target price on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. StockNews.com raised Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Finally, The Goldman Sachs Group lifted their target price on Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Seven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $28.80.

Paymentus Price Performance

NYSE:PAY opened at $33.50 on Wednesday. The business’s 50-day moving average is $23.65 and its two-hundred day moving average is $21.33. Paymentus has a 12 month low of $14.77 and a 12 month high of $37.00. The firm has a market capitalization of $4.17 billion, a PE ratio of 108.06 and a beta of 1.41.

Institutional Trading of Paymentus

Several hedge funds and other institutional investors have recently bought and sold shares of PAY. Mirae Asset Global Investments Co. Ltd. increased its holdings in Paymentus by 15.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,441 shares of the business services provider’s stock valued at $579,000 after buying an additional 3,341 shares during the last quarter. Sei Investments Co. acquired a new position in Paymentus in the first quarter valued at approximately $513,000. Russell Investments Group Ltd. acquired a new position in Paymentus in the first quarter valued at approximately $106,000. Vanguard Group Inc. boosted its stake in Paymentus by 0.6% in the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after acquiring an additional 8,457 shares during the period. Finally, Quadrature Capital Ltd boosted its stake in Paymentus by 130.1% in the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after acquiring an additional 39,136 shares during the period. 12.55% of the stock is owned by institutional investors.

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.