Paymentus (NYSE:PAY) Trading Up 4.9% – Here’s Why

Shares of Paymentus Holdings, Inc. (NYSE:PAY) traded up 4.9% during mid-day trading on Tuesday . The stock traded as high as $29.27 and last traded at $29.37. 106,737 shares traded hands during trading, a decline of 68% from the average session volume of 330,562 shares. The stock had previously closed at $28.00.

Analysts Set New Price Targets

PAY has been the topic of several recent research reports. Wedbush restated an “outperform” rating and issued a $38.00 price target on shares of Paymentus in a research note on Wednesday, March 12th. JPMorgan Chase & Co. reduced their price target on Paymentus from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Wells Fargo & Company upped their price target 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. Robert W. Baird decreased their target price on shares of Paymentus from $36.00 to $30.00 and set an “outperform” rating for the company in a report on Friday, April 4th. Finally, The Goldman Sachs Group set a $28.00 target price on shares of Paymentus and gave the stock a “neutral” rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $30.00.

Paymentus Stock Performance

The stock has a fifty day moving average of $28.00 and a 200 day moving average of $29.44. The company has a market capitalization of $3.73 billion, a PE ratio of 96.31 and a beta of 1.65.

Insider Buying and Selling

In other Paymentus 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 value of $505,250.06. Following the completion of the sale, the chief financial officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, 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 disclosure for this sale can be found here. 87.76% of the stock is owned by company insiders.

Institutional Trading of Paymentus

Several institutional investors and hedge funds have recently made changes to their positions in the business. Park Square Financial Group LLC purchased a new position in Paymentus in the 4th quarter worth about $32,000. TimesSquare Capital Management LLC bought a new position in Paymentus in the 4th quarter worth about $35,000. R Squared Ltd purchased a new position in shares of Paymentus during the fourth quarter worth approximately $43,000. Deutsche Bank AG bought a new stake in shares of Paymentus during the fourth quarter valued at approximately $73,000. Finally, Barclays PLC boosted its holdings in shares of Paymentus by 1,569.3% in the third quarter. Barclays PLC now owns 5,058 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 4,755 shares during the period. 78.38% of the stock is currently owned by institutional investors.

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.