JPMorgan Chase & Co. Purchases 81,853 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

JPMorgan Chase & Co. grew its position in Paymentus Holdings, Inc. (NYSE:PAY) by 13.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 709,650 shares of the business services provider’s stock after purchasing an additional 81,853 shares during the period. JPMorgan Chase & Co. owned approximately 0.57% of Paymentus worth $14,207,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. GSA Capital Partners LLP raised its position in Paymentus by 38.2% in the 3rd quarter. GSA Capital Partners LLP now owns 124,189 shares of the business services provider’s stock valued at $2,486,000 after buying an additional 34,307 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Paymentus in the third quarter valued at approximately $629,000. PDT Partners LLC raised its holdings in shares of Paymentus by 39.4% in the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock valued at $964,000 after purchasing an additional 13,621 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Paymentus by 196.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,168 shares of the business services provider’s stock worth $864,000 after purchasing an additional 28,628 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Paymentus by 2.6% during the third quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock worth $4,129,000 after purchasing an additional 5,127 shares during the last quarter. 78.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, General Counsel Andrew A. Gerber sold 34,272 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total value of $1,280,401.92. Following the transaction, the general counsel now directly owns 97,925 shares of the company’s stock, valued at $3,658,478. This represents a 25.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 87.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PAY shares. Wells Fargo & Company lifted their price target on shares of Paymentus from $21.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Robert W. Baird upped their target price on Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Seven research 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 currently has a consensus rating of “Hold” and an average price target of $28.80.

Paymentus Stock Performance

Shares of NYSE:PAY opened at $30.24 on Friday. The company has a 50-day simple moving average of $33.42 and a 200 day simple moving average of $25.67. The company has a market capitalization of $3.77 billion, a P/E ratio of 97.55 and a beta of 1.67. Paymentus Holdings, Inc. has a 52-week low of $14.77 and a 52-week high of $38.94.

Paymentus 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.