Raymond James Financial Inc. Buys Shares of 95,179 Paymentus Holdings, Inc. (NYSE:PAY)

Raymond James Financial Inc. purchased a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 95,179 shares of the business services provider’s stock, valued at approximately $3,109,000. Raymond James Financial Inc. owned approximately 0.08% of Paymentus as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Paymentus by 13.0% in the 3rd 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 in the last quarter. Cerity Partners LLC acquired a new position in shares of Paymentus in the third quarter valued at approximately $629,000. PDT Partners LLC boosted its position in Paymentus by 39.4% during the 3rd quarter. PDT Partners LLC now owns 48,174 shares of the business services provider’s stock worth $964,000 after buying an additional 13,621 shares during the period. Barclays PLC grew its holdings in Paymentus by 1,569.3% during the 3rd quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock worth $101,000 after acquiring an additional 4,755 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in Paymentus in the 4th quarter valued at approximately $215,000. 78.38% of the stock is currently owned by institutional investors.

Paymentus Stock Performance

Shares of PAY stock opened at $26.33 on Friday. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $38.94. The stock has a 50 day simple moving average of $29.32 and a two-hundred day simple moving average of $28.94. The company has a market cap of $3.29 billion, a P/E ratio of 84.94 and a beta of 1.68.

Insider Activity

In other Paymentus news, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 transaction of $98,178.60. Following the completion of the sale, the general counsel now directly owns 94,855 shares of the company’s stock, valued at approximately $3,033,462.90. This trade 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 company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PAY shares. Wedbush reissued an “outperform” rating and issued a $38.00 price objective on shares of Paymentus in a research note on Wednesday, March 12th. JPMorgan Chase & Co. reduced their price target on Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th. Wells Fargo & Company upped their target price on Paymentus from $27.00 to $33.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, Robert W. Baird lowered their price target on shares of Paymentus from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $31.83.

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.