Paymentus (NYSE:PAY) Given New $36.00 Price Target at Robert W. Baird

Paymentus (NYSE:PAY) had its price objective trimmed by Robert W. Baird from $40.00 to $36.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the business services provider’s stock.

Several other equities research analysts have also issued reports on the stock. Wedbush initiated coverage on shares of Paymentus in a report on Monday, February 3rd. They issued an “outperform” rating on the stock. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Wells Fargo & Company lifted their price objective on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Finally, The Goldman Sachs Group increased their target price on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.60.

Paymentus Trading Up 26.0 %

PAY opened at $31.09 on Tuesday. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 100.30 and a beta of 1.68. The business has a 50 day moving average of $30.25 and a 200-day moving average of $28.49. Paymentus has a 1-year low of $16.94 and a 1-year high of $38.94.

Insider Buying and Selling

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

Institutional Investors Weigh In On Paymentus

A number of institutional investors have recently made changes to their positions in the stock. Versor Investments LP bought a new position in Paymentus during the third quarter worth $331,000. GSA Capital Partners LLP lifted its stake in 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 purchasing an additional 34,307 shares during the last quarter. RiverPark Advisors LLC raised its stake in Paymentus by 8.8% in the 3rd quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock valued at $311,000 after acquiring an additional 1,258 shares during the period. Quest Partners LLC boosted its holdings in Paymentus by 3,809.6% in the 3rd quarter. Quest Partners LLC now owns 20,877 shares of the business services provider’s stock worth $418,000 after buying an additional 20,343 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Paymentus by 196.9% during the 3rd 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. Institutional investors own 78.38% 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.