Paymentus (NYSE:PAY) Price Target Raised to $36.00 at Robert W. Baird

Paymentus (NYSE:PAY) had its price target lifted by Robert W. Baird from $25.00 to $36.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an outperform rating on the business services provider’s stock.

Several other research firms have also recently issued reports on PAY. JPMorgan Chase & Co. boosted their target price on Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. StockNews.com upgraded Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Canaccord Genuity Group cut shares of Paymentus from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, The Goldman Sachs Group raised their price objective on shares of Paymentus from $21.00 to $23.50 and gave the company a “neutral” rating in a research note on Friday, August 9th. Seven investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $28.80.

Paymentus Stock Up 2.9 %

Shares of NYSE:PAY opened at $33.50 on Wednesday. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 108.06 and a beta of 1.41. Paymentus has a fifty-two week low of $14.77 and a fifty-two week high of $37.00. The firm’s 50-day simple moving average is $23.65 and its 200-day simple moving average is $21.33.

Hedge Funds Weigh In On Paymentus

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAY. MCF Advisors LLC increased its stake in shares of Paymentus by 80.1% during the 2nd quarter. MCF Advisors LLC now owns 1,461 shares of the business services provider’s stock worth $28,000 after purchasing an additional 650 shares in the last quarter. Advisors Asset Management Inc. increased its position 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 in the last quarter. nVerses Capital LLC raised its holdings in shares of Paymentus by 550.0% in the third quarter. nVerses Capital LLC now owns 1,300 shares of the business services provider’s stock worth $26,000 after acquiring an additional 1,100 shares during the last quarter. RiverPark Advisors LLC lifted its position in shares of Paymentus by 8.8% in the third quarter. RiverPark Advisors LLC now owns 15,527 shares of the business services provider’s stock valued at $311,000 after acquiring an additional 1,258 shares in the last quarter. Finally, Arcadia Investment Management Corp MI boosted its stake in shares of Paymentus by 141.1% during the second quarter. Arcadia Investment Management Corp MI now owns 2,360 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 1,381 shares during the last quarter. Institutional investors and hedge funds own 12.55% of the company’s stock.

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.