Fmr LLC Boosts Position in Paymentus Holdings, Inc. (NYSE:PAY)

Fmr LLC lifted its holdings in Paymentus Holdings, Inc. (NYSE:PAY) by 32,191.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 227,979 shares of the business services provider’s stock after acquiring an additional 227,273 shares during the quarter. Fmr LLC owned 0.18% of Paymentus worth $4,564,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. nVerses Capital LLC boosted its holdings in Paymentus by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 1,100 shares during the last quarter. MCF Advisors LLC raised its stake in Paymentus by 80.1% in the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 650 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares during the last quarter. Arcadia Investment Management Corp MI lifted its holdings in Paymentus by 141.1% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after purchasing an additional 1,381 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Paymentus during the 3rd quarter worth $132,000. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Paymentus Trading Down 1.7 %

Shares of PAY opened at $34.35 on Friday. The firm’s 50-day moving average is $29.73 and its two-hundred day moving average is $23.65. The firm has a market capitalization of $4.28 billion, a P/E ratio of 110.81 and a beta of 1.63. Paymentus Holdings, Inc. has a twelve month low of $14.77 and a twelve month high of $38.94.

Analyst Ratings Changes

PAY has been the topic of a number of research reports. The Goldman Sachs Group raised their target price on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Wells Fargo & Company increased their price target on shares of Paymentus from $21.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. lifted their price target on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Robert W. Baird boosted their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $28.80.

Insider Activity

In related 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 completion of the sale, the general counsel now owns 97,925 shares in the company, valued at approximately $3,658,478. This trade represents a 25.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 87.76% 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.