Paymentus (NYSE:PAY) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Paymentus (NYSE:PAY) in a research note published on Wednesday,Benzinga reports. They currently have a $38.00 price target on the business services provider’s stock.

A number of other brokerages have also commented on PAY. Wells Fargo & Company upped their price target 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. The Goldman Sachs Group boosted their price objective on shares of Paymentus from $23.50 to $33.00 and gave the company a “neutral” rating in a report on Friday, November 15th. 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. JPMorgan Chase & Co. cut their price objective on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, StockNews.com downgraded shares of Paymentus from a “hold” rating to a “sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Paymentus currently has a consensus rating of “Hold” and a consensus target price of $31.83.

Paymentus Price Performance

Paymentus stock opened at $28.97 on Wednesday. The firm has a market capitalization of $3.61 billion, a PE ratio of 93.45 and a beta of 1.68. The company’s 50-day moving average is $30.18 and its 200-day moving average is $28.49. Paymentus has a fifty-two week low of $16.94 and a fifty-two week high of $38.94.

Insider Transactions at Paymentus

In other Paymentus news, General Counsel Andrew A. Gerber sold 3,070 shares of the company’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 directly owns 94,855 shares in the company, valued at approximately $3,033,462.90. This represents a 3.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sanjay Kalra sold 15,794 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 87.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paymentus

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Park Square Financial Group LLC acquired a new position in Paymentus in the 4th quarter valued at approximately $32,000. Advisors Asset Management Inc. increased its position in Paymentus by 155.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 1,027 shares during the period. TimesSquare Capital Management LLC acquired a new position in Paymentus in the 4th quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Paymentus in the 3rd quarter valued at approximately $43,000. Finally, R Squared Ltd acquired a new stake in shares of Paymentus during the fourth quarter worth $43,000. 78.38% of the stock is currently owned by institutional investors and hedge funds.

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.