Wedbush Reiterates “Outperform” Rating for Paymentus (NYSE:PAY)

Wedbush restated their outperform rating on shares of Paymentus (NYSE:PAY) in a research report released on Wednesday,Benzinga reports. The firm currently has a $38.00 price target on the business services provider’s stock.

Several other research analysts have also issued reports on PAY. JPMorgan Chase & Co. cut their target price on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday. Robert W. Baird cut their target price on shares of Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of Paymentus from $23.50 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. 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 note on Thursday, January 16th. Finally, StockNews.com lowered shares of Paymentus from a “hold” rating to a “sell” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $31.83.

Paymentus Stock Down 5.8 %

PAY opened at $28.97 on Wednesday. Paymentus has a twelve month low of $16.94 and a twelve month high of $38.94. The company has a fifty day moving average of $30.18 and a 200-day moving average of $28.49. The stock has a market cap of $3.61 billion, a PE ratio of 93.45 and a beta of 1.68.

Insider Buying and Selling at Paymentus

In related news, CFO Sanjay Kalra sold 15,794 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the transaction, the chief financial officer now directly owns 466,035 shares of the company’s stock, valued at $14,908,459.65. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Andrew A. Gerber sold 3,070 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total transaction 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. The trade was a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 87.76% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Park Square Financial Group LLC bought a new position in shares of Paymentus during the fourth quarter valued at about $32,000. TimesSquare Capital Management LLC bought a new position in shares of Paymentus during the fourth quarter valued at about $35,000. R Squared Ltd bought a new position in shares of Paymentus during the fourth quarter valued at about $43,000. Advisors Asset Management Inc. lifted its position in shares of Paymentus by 155.1% during the third quarter. Advisors Asset Management Inc. now owns 1,689 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 1,027 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Paymentus during the third quarter valued at about $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.