Charles Schwab Investment Management Inc. Purchases New Stake in Paymentus Holdings, Inc. (NYSE:PAY)

Charles Schwab Investment Management Inc. acquired a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,752 shares of the business services provider’s stock, valued at approximately $286,000.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Paymentus by 32,191.6% during the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock worth $4,564,000 after purchasing an additional 227,273 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Paymentus by 13.0% during the third quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock valued at $14,207,000 after purchasing an additional 81,853 shares during the period. Main Management ETF Advisors LLC purchased a new stake in Paymentus in the third quarter worth $839,000. Cerity Partners LLC bought a new stake in shares of Paymentus in the third quarter valued at $629,000. Finally, CHURCHILL MANAGEMENT Corp bought a new stake in shares of Paymentus in the fourth quarter valued at $963,000. Institutional investors own 78.38% of the company’s stock.

Paymentus Trading Up 4.0 %

PAY stock opened at $27.13 on Wednesday. The firm has a 50 day moving average of $29.16 and a 200-day moving average of $29.13. The firm has a market capitalization of $3.39 billion, a P/E ratio of 87.52 and a beta of 1.68. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $38.94.

Insider Buying and Selling at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $31.98, for a total value of $98,178.60. Following the transaction, the general counsel now directly owns 94,855 shares in the company, valued at $3,033,462.90. This represents a 3.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total value of $505,250.06. Following the sale, the chief financial officer now owns 466,035 shares of the company’s stock, valued at approximately $14,908,459.65. This trade represents 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.

Analysts Set New Price Targets

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

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.