Paymentus (NYSE:PAY) Coverage Initiated by Analysts at Wedbush

Wedbush began coverage on shares of Paymentus (NYSE:PAY) in a report released on Monday. The brokerage issued an outperform rating on the business services provider’s stock.

Other research analysts also recently issued reports about the company. Canaccord Genuity Group downgraded Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price objective on Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Robert W. Baird raised their target price on shares of Paymentus from $25.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group boosted 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. Seven 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 company’s stock. According to data from MarketBeat.com, Paymentus currently has a consensus rating of “Hold” and a consensus target price of $30.00.

Paymentus Stock Performance

Shares of NYSE:PAY opened at $31.82 on Monday. The company’s fifty day moving average is $33.27 and its two-hundred day moving average is $27.02. Paymentus has a 1-year low of $14.77 and a 1-year high of $38.94. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 102.65 and a beta of 1.67.

Insider Activity

In related news, General Counsel Andrew A. Gerber sold 34,272 shares of Paymentus stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $37.36, for a total value of $1,280,401.92. Following the transaction, the general counsel now owns 97,925 shares in the company, valued at $3,658,478. This trade represents a 25.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 87.76% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of Paymentus by 155.1% in the 3rd 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. TimesSquare Capital Management LLC bought a new stake in Paymentus during the fourth quarter worth about $35,000. nVerses Capital LLC grew its stake in Paymentus by 550.0% during the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after buying an additional 1,100 shares during the last quarter. RiverPark Advisors LLC increased its holdings in shares of Paymentus by 8.8% during the third quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock worth $311,000 after buying an additional 1,258 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of Paymentus in the 4th quarter worth approximately $43,000. 78.38% of the stock is owned by institutional investors.

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.