JPMorgan Chase & Co. Has Lowered Expectations for Paymentus (NYSE:PAY) Stock Price

Paymentus (NYSE:PAY) had its price target lowered by equities research analysts at JPMorgan Chase & Co. from $31.00 to $29.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 0.10% from the stock’s current price.

PAY has been the topic of a number of other reports. The Goldman Sachs Group raised their price target on 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 raised their price objective on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Robert W. Baird dropped their target price on Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, Wedbush initiated coverage on Paymentus in a report on Monday, February 3rd. They set an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $31.83.

Paymentus Stock Down 5.8 %

PAY opened at $28.97 on Tuesday. The business’s fifty day simple moving average is $30.18 and its 200 day simple moving average is $28.49. Paymentus has a 52 week low of $16.94 and a 52 week high of $38.94. The firm has a market cap of $3.61 billion, a P/E ratio of 93.45 and a beta of 1.68.

Insider Transactions at Paymentus

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction that occurred on Tuesday, February 18th. The stock was 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. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction that occurred on Tuesday, February 18th. The stock was 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 owns 466,035 shares of the company’s stock, valued at approximately $14,908,459.65. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 87.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital International Investors grew its stake in shares of Paymentus by 25.6% in the fourth quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock worth $142,509,000 after purchasing an additional 888,914 shares in the last quarter. Vanguard Group Inc. increased its position in Paymentus by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider’s stock worth $58,697,000 after purchasing an additional 273,027 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Paymentus by 23.8% during the 4th quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider’s stock valued at $28,713,000 after acquiring an additional 169,237 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Paymentus during the 4th quarter valued at approximately $24,568,000. Finally, Invesco Ltd. boosted its stake in Paymentus by 246.2% during the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after purchasing an additional 412,095 shares during the period. Institutional investors and hedge funds own 78.38% of the company’s stock.

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.