Paymentus (NYSE:PAY) Downgraded to Hold Rating by Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Paymentus (NYSE:PAY) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

PAY has been the subject of several other research reports. Robert W. Baird increased their price target on shares of Paymentus from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. increased their price target on shares of Paymentus from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Finally, The Goldman Sachs Group increased their price target on shares of Paymentus from $21.00 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Seven research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $23.50.

Paymentus Stock Down 1.0 %

NYSE:PAY opened at $26.79 on Monday. Paymentus has a 12-month low of $14.77 and a 12-month high of $27.93. The firm has a market capitalization of $3.33 billion, a PE ratio of 107.16 and a beta of 1.41. The firm has a 50-day moving average price of $22.81 and a 200 day moving average price of $21.02.

Institutional Trading of Paymentus

Several hedge funds have recently modified their holdings of PAY. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Paymentus by 15.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,441 shares of the business services provider’s stock valued at $579,000 after purchasing an additional 3,341 shares during the last quarter. Sei Investments Co. bought a new stake in shares of Paymentus during the first quarter valued at approximately $513,000. Russell Investments Group Ltd. bought a new stake in shares of Paymentus during the first quarter valued at approximately $106,000. Vanguard Group Inc. grew its stake in shares of Paymentus by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,388,830 shares of the business services provider’s stock valued at $31,596,000 after purchasing an additional 8,457 shares during the last quarter. Finally, Quadrature Capital Ltd grew its stake in shares of Paymentus by 130.1% during the first quarter. Quadrature Capital Ltd now owns 69,219 shares of the business services provider’s stock valued at $1,575,000 after purchasing an additional 39,136 shares during the last quarter. 12.55% 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.