Wedbush Reaffirms Outperform Rating for Paymentus (NYSE:PAY)

Paymentus (NYSE:PAY)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a report released on Wednesday,Benzinga reports. They currently have a $38.00 price objective on the business services provider’s stock. Wedbush’s price objective would suggest a potential upside of 29.72% from the company’s previous close.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group upped their price objective on Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. JPMorgan Chase & Co. reduced their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday. StockNews.com downgraded shares of Paymentus from a “hold” rating to a “sell” rating in a research note on Tuesday. Wells Fargo & Company raised their price objective on shares of Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Robert W. Baird reduced their target price on Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.83.

Paymentus Stock Up 1.2 %

Shares of NYSE:PAY opened at $29.29 on Wednesday. Paymentus has a 12 month low of $16.94 and a 12 month high of $38.94. The firm has a market cap of $3.65 billion, a P/E ratio of 94.50 and a beta of 1.68. The company’s 50-day moving average price is $30.18 and its two-hundred day moving average price is $28.49.

Insider Activity at Paymentus

In related news, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.99, for a total transaction of $505,250.06. Following the sale, the chief financial officer now owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,033,462.90. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paymentus

Hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Paymentus by 3.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider’s stock valued at $510,000 after purchasing an additional 484 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Paymentus by 7.1% during the fourth quarter. Cetera Investment Advisers now owns 13,296 shares of the business services provider’s stock worth $434,000 after buying an additional 883 shares in the last quarter. Park Square Financial Group LLC bought a new stake in shares of Paymentus in the fourth quarter valued at about $32,000. Swiss National Bank grew its stake in shares of Paymentus by 2.7% in the fourth quarter. Swiss National Bank now owns 37,400 shares of the business services provider’s stock valued at $1,222,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock worth $34,000 after acquiring an additional 1,027 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.