Brokerages Set Paymentus Holdings, Inc. (NYSE:PAY) Price Target at $30.00

Shares of Paymentus Holdings, Inc. (NYSE:PAY) have earned a consensus rating of “Hold” from the eight research firms that are currently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $30.00.

A number of research firms recently issued reports on PAY. Robert W. Baird lifted their target price on Paymentus from $25.00 to $36.00 and gave the company an “outperform” rating in a research report 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. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company lifted their target price on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th.

Insider Activity

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

Hedge Funds Weigh In On Paymentus

Several institutional investors and hedge funds have recently made changes to their positions in PAY. GSA Capital Partners LLP boosted its stake in shares of Paymentus by 38.2% in the third 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 period. JPMorgan Chase & Co. lifted its stake in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after purchasing an additional 81,853 shares during the last quarter. Cerity Partners LLC bought a new stake in Paymentus during the third quarter worth $629,000. PDT Partners LLC lifted its stake in Paymentus by 39.4% during the third quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock worth $964,000 after purchasing an additional 13,621 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Paymentus by 196.9% during 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 during the last quarter. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Stock Performance

NYSE:PAY opened at $30.45 on Friday. The stock’s 50-day simple moving average is $33.65 and its 200 day simple moving average is $26.69. The company has a market cap of $3.80 billion, a P/E ratio of 98.23 and a beta of 1.67. Paymentus has a 52-week low of $14.77 and a 52-week high of $38.94.

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.