Paymentus (NYSE:PAY) Trading Down 8.2% Following Insider Selling

Paymentus Holdings, Inc. (NYSE:PAY) shares were down 8.2% on Thursday after an insider sold shares in the company. The company traded as low as $29.69 and last traded at $29.91. Approximately 195,974 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 378,924 shares. The stock had previously closed at $32.57.

Specifically, General Counsel Andrew A. Gerber sold 3,070 shares of the business’s stock in a transaction 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 sale, the general counsel now owns 94,855 shares of the company’s stock, valued at approximately $3,033,462.90. The trade was 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 this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction on 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 directly owns 466,035 shares of the company’s stock, valued at $14,908,459.65. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

PAY has been the subject of a number of research reports. Wedbush initiated coverage on shares of Paymentus in a report on Monday, February 3rd. They set an “outperform” rating for the company. Robert W. Baird upped 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. Canaccord Genuity Group lowered shares of Paymentus from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. Wells Fargo & Company upped their target price on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group boosted their price target on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a research 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 assigned a strong buy rating to the company. According to MarketBeat.com, Paymentus has an average rating of “Hold” and a consensus price target of $30.00.

Paymentus Stock Down 8.6 %

The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 96.48 and a beta of 1.66. The company’s 50-day moving average is $32.15 and its 200-day moving average is $27.91.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Paymentus by 3.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,612 shares of the business services provider’s stock worth $510,000 after buying an additional 484 shares during the period. Cetera Investment Advisers boosted its stake in 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 during the period. Swiss National Bank boosted its stake in Paymentus by 2.7% during the fourth quarter. Swiss National Bank now owns 37,400 shares of the business services provider’s stock worth $1,222,000 after buying an additional 1,000 shares during the period. Advisors Asset Management Inc. boosted its stake 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 buying an additional 1,027 shares during the period. Finally, TimesSquare Capital Management LLC purchased a new position in Paymentus during the fourth quarter worth about $35,000. Hedge funds and other institutional investors 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.